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July 11, 2013

Transatlantic swaps deal averts market crunch

“It was billed as the mother of regulatory crunches, the day the world’s regulators would part ways on policing derivatives. They would prevent clearing houses handling some US business and force dealers to apply conflicting rules.

In the event, on the eve of a deadline when the US would withdraw exemptions for foreign dealers, a landmark transatlantic accord has been sealed that calls a truce in a turf war that has threatened to disrupt financial markets.

For dealers such as Barclays, Deutsche Bank and JPMorgan Chase, it reduces uncertainty over who regulates them. Market activity will no longer have to shift to the US to comply with clearing and trading requirements.

Trading platforms in Europe will remain viable. European clearing houses will be able to tap US markets and serve US customers. EU officials’ nightmare over the US rules ‘sucking liquidity’ out of Europe are unrealised.”

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Read the full Financial Times article here

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