European Council Adopts Derivatives Rules

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The Council is implementing this as regulation, which requires it to enter national statute books as law without individual interpretation.

The Council of the European Union has adopted regulation aimed at reforming the ways in which standardized over-the-counter (OTC) derivatves contracts are traded.

OTC contracts will now be required to clear through Central Counterparties (CCPs), a move aimed at reducing the risk of default by one party, and therefore creating a cascade effect among other market participants. Authorized CCPs will be required to hold minimum levels of capital to function, including a default fund into which all

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