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Swaps rule recalibration dominates ISDA AGM 

May 10, 2017


A recalibration of over-the-counter derivatives reforms has dominated talks at ISDA’s Annual General Meeting in Lisbon as European policy makers aim to simplify rules stemming from the European Market Infrastructure Regulation while US regulators embark on plans to overhaul Dodd-Frank.

Steven Maijoor, chair of the European Securities and Markets Authority, told delegates that almost 10 years on from the global financial crisis, concerns over the impact of regulation in the US$483trn OTC swaps market should not continue to dominate the work of industry participants

“I think EMIR has been a successful reform of the derivatives market, this is not to underestimate how much time it still takes from your side, but I think we’re getting there,” said Maijoor.

He said an expected 10-year implementation period for new reforms stemming from 2009’s G20 agreement in Pittsburgh, suggesting that the final regulatory framework should be in place in the next two years, had been assisted by renewed efforts by global lawmakers to review and simplify complex, duplicative and often conflicting legislation.

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