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Europe eyes longer respite for U.S. swaps clearers: source 

November 19, 2014
Douwe Miedema, Reuters

The European Union will soon push back a deadline by which U.S. clearing houses need to comply with its rules, a source familiar with the matter said, taking the sting out of a dispute with America over how to regulate swaps.

The deadline will be postponed until June 15, 2015, from Dec. 15, said the source, asking not to be named. Reuters first reported in September that Brussels was considering a delay, but such a move was not a foregone conclusion.

A European Commission spokeswoman told Reuters on Tuesday that an extension of the Dec. 15 deadline had been proposed, and that the EU was hopeful it would be adopted shortly.

The delay is coming after months of negotiations failed to produce a breakthrough in how to reconcile swaps rules across international jurisdictions.

Read more: Reuters

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