European Council Adopts Derivatives Rules
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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