According to Financial News, the Hungarian presidency of the Council of the European Union admitted that the text of the derivatives regulation remains "fraught with political minefields" and "unresolved political issues" as it was handed over to Poland.
The European market infrastructure regulation, which aims to increase the transparency and robustness of the over-the-counter derivatives market by pushing OTC contracts through a clearing house, will fundamentally transform the European derivatives industry, threatening existing business models.
The Hungarians had hoped to complete the council’s draft of the controversial text before the end of Hungary’s presidency, but two key meetings on June 17 and 20 failed to bring resolution. In its first-time presidency, Hungary lacked the experience necessary to negotiate Europe's Byzantine political system in order to reach a resolution, despite its best efforts.
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