March 12, 2015 / 10:37 AM / 3 years ago

EU watchdog expects mandatory rate swaps clearing later in 2015

EDINBURGH, March 12 (Reuters) - The European Union is expected to make clearing of interest rate swaps mandatory from later this year, the bloc’s securities market watchdog said on Thursday.

Steven Maijoor, chairman of the European Securities and Markets Authority, told a pensions conference that the watchdog had completed an analysis of the interest rate swaps market and had recommended that the European Commission endorses mandatory clearing.

“I should hope before the end of the year they will start to apply a central clearing obligation,” Maijoor said. (Reporting by Carolyn Cohn; Writing by Huw Jones; Editing by Pravin Char)

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