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EU gives banks, pension funds more breathing space over derivatives 

June 8, 2015

Huw Jones and Toby Sterling, Reuters

The European Commission will give banks in the EU another six-month exemption until December from having to hold extra capital to cover transactions at clearing houses that don't meet the bloc's standards.

"The decision will give the market the legal certainty it needs for the next six months," EU financial services commissioner, Jonathan Hill, said in a statement on Thursday.

"Meanwhile we are continuing to work hard on solving the underlying issues."

The European Commission will give banks in the EU another six-month exemption until December from having to hold extra capital to cover transactions at clearing houses that don't meet the bloc's standards.

"The decision will give the market the legal certainty it needs for the next six months," EU financial services commissioner, Jonathan Hill, said in a statement on Thursday.

"Meanwhile we are continuing to work hard on solving the underlying issues."

Hill had little choice as talks with the United States on accepting each other's rules on clearing financial derivatives have failed to find enough common ground.

Read more: Reuters

 
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