Esma backtracks on indirect clearing
Final rules remove two controversial proposals, but revive regulators' concerns about access to clearing for small firms
Controversial proposals that would have made it compulsory for clearing members to offer untested indirect clearing services in over-the-counter derivatives markets have been overhauled after banks condemned them as "unworkable".
The new rules are part of a package of final technical standards published yesterday by the European Securities and Markets Authority (Esma) – they add detail to Europe's new derivatives clearing and reporting legislation, the European Market Infrastructure Regulation
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