Citing the need to increase transparency and reduce counterparty and operational risk, the European Commission today released new proposals to regulate the OTC derivatives market. Among other things, the proposals would require trades in OTC derivatives in the EU to be reported to central data centres (trade repositories) accessible to regulators. A new European Securities and Markets Authority would be responsible for registering and monitoring trade repositories, while standard OTC derivatives would have to be cleared through central counterparties. The EC expects the proposals to be promulgated by the end of 2011.
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European Commission proposes OTC derivatives regulation
- Stikeman Elliott LLP
- European Union
- September 15 2010
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