EU Requires Interest-Rate Derivatives Clearing in 3 Currencies
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Over-the-counter interest-rate derivative contracts denominated in the Swedish, Norwegian and Polish currencies must be cleared through central counterparties under new European Union rules.
“Today we are taking a significant step to implement our G-20 commitments, strengthen financial stability and boost market confidence,” Jonathan Hill, the EU’s financial-services chief, said in a statement. “This is also part of our move toward markets that are fair, open and transparent.”