Banks and asset managers are poised to win an exemption in rules for trading derivatives from European lawmakers, who already said they would give them a one-year delay of new financial regulations.
Bloomberg News reports that the exemption is in an amendment to legislation delaying the wide-ranging MiFID II overhaul of financial regulations. That could exclude a potentially large portion of the derivatives markets from requirements designed to increase transparency and price competition on platforms before trades are completed.
The proposed change, which wasn’t initially included in EU plans for postponing the law until January 2018, has led to closed-door debates in Brussels in recent weeks involving representatives of the U.K., France, Germany and other countries who are trying to agree on a position on the policy, according to three people who asked not to be named because the talks are private. The European Commission and member states still need to negotiate a formal position and sign off on the amendment.
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