The European Union will push back the completion of collateral rules for the multi-trillion-dollar swap market to the end of the year, breaking with U.S. authorities who have set a September deadline for the biggest banks to comply.
The European Commission, the EU’s executive arm, won’t be able to meet the deadline adopted by the U.S. — and laid out as a goal by global regulators — for standards that seek to ensure banks have sufficient collateral to backstop transactions done directly with other traders, according to Vanessa Mock, a spokeswoman for the Brussels-based commission. The September deadline applies to trades conducted by the largest banks.
The full article is available here: http://www.bloomberg.com/news/articles/2016-06-09/banks-gain-more-time-to-meet-eu-swap-collateral-regulations
