The 2007-09 financial crisis, which forced governments to shore up banks, unleashed a wave of new market and banking rules which are only now being rolled out to make the financial system safer and shield taxpayers in future crises.
Steven Maijoor, chairman of the
"It's the biggest overhaul of financial markets in history," Maijoor told a conference held by AFME, a European banking industry association.
But the complexity is such that the authority will have to issue urgent guidance for markets in derivatives such as credit default swops, interest rate swops and commodity swops.
Maijoor said the authority would say in coming days how banks should deal with "frontloading", or a requirement for swops already in circulation to be cleared if that class of product is later deemed to require mandatory clearing. - Reuters
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