Bloomberg: EU, U.S. Race to Spare Banks $5 Billion Clearing Capital Hit

European Union and U.S. financial regulators are racing to agree on a plan to prevent billions of dollars in capital requirements from hitting banks’ trades in stock options and other securities starting next month.
The European Commission, the EU’s executive arm, and the U.S. Securities and Exchange Commission have stepped up talks ahead of June 15, when the capital increases are set to apply to EU banks’ trades at U.S. clearinghouses run by the Options Clearing Corp. and the Depository Trust and Clearing Corp. EU law requires banks to have more capital for trades at foreign clearinghouses that the bloc’s regulators say lack oversight and rules equivalent to its own.
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