EU clearing mandates unlikely before August 2013

The first clearing mandates for over-the-counter derivatives are unlikely to be in place in Europe before August next year, according to Edwin Schooling Latter, head of the payments and infrastructure division at the Bank of England.

Speaking at the OTC Derivatives Clearing Summit in London this morning (November 6), Schooling Latter said the publication of technical standards on the clearing of over-the-counter derivatives by the European Securities and Markets Authority (Esma) at the end of Se