ISDA: ‘Granular’ Approach To OTC Clearing Obligations
When Sweden’s NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) was approved to act as central counterparty (CCP) under the European Market Infrastructure Regulation (EMIR) for several single-name, basket, and equity index futures and options two months ago, the European Securities and Markets Authority (ESMA) was tasked with figuring out which of those derivatives should have a clearing obligation.
In a recent whitepaper studying the issue, the International Swaps and Derivatives Association (ISDA), which represents dealers and . . .
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