Industry bodies unite against proposed EU derivatives rules

11 groups address EU parliament

A group of trade bodies have urged EU legislators to scrap plans to introduce new rules that would force European firms to clear some of their derivatives in European clearing houses.

In a joint statement, 11 groups, including the European Fund and Asset Management Association and the International Swaps and Derivatives Association, called on the proposed active account requirement to be voted down. The regulations were intended to bring euro-denominated interest rate swaps from LCH in London, which holds over a 90% market share on clearing them. LSEG plans launch of blockchain-based digital assets business However, the groups argued that the requirements would disadvantage European firms and make them less competitive, as non-EU firms trading in euro deriva...