Regulation dates can be moved, says EU 27 November 2014London Reporter: Stephanie Palmer
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The upcoming introduction of mandatory clearing for interest rate swaps could be delayed, as the details may not be finalised in time for implementation date on 15 December.
During the keynote speech at the Clearing and Settlement World conference, Patrick Pearson, European Commission head of financial markets infrastructure, said that the regulator holds the power to move the deadline.
He said: “We have already extended the deadline once, we can extend it twice. I hope it is not necessary, but it could be done.”
Pearson also encouraged companies to comment on the new rules during the consultation period, and emphasised the commission’s role of working with the industry to help synchronise financial markets in Europe and around the world.
“What you bring to the table, we will design a menu around it,” he said.
“We are serious about this; listening to the industry, not handicapping the industry.”
The delays in finalising the new rules has been blamed on overlapping new rules for clearing houses and what Pearson called “the regulatory plethora”.
He suggested that the implementation date could be pushed back by six months to 15 June.
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