The Financial Stability Board (FSB) has warned that some interpretations of the Group of 20 (G-20) commitments on the reform of the over-the-counter derivatives market could create loopholes that allow participants to circumvent a pledge to clear standardised derivatives.
The warning shot, made in a progress report on the implementation of OTC derivatives reforms published this evening, appears to be directed at European legislators, which have decided to limit the scope of the European Market I
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