The completion of the controversial European Market Infrastructure Regulation (EMIR), which was initially expected to be signed off in November, would mark the end of a painful 18-month-long negotiation and will provide greater clarity over the future of Europe's derivatives market.
EU finance ministers debating the text during a meeting of the EU's Economic and Financial Affairs Council today managed to reach a compromise regarding the amount of power EU watchdog the ESMA will have over clearing houses.
The compromise will allow the Council - which is one of the EU's key rule-making institutions and which represents Member States - to agree a final version of the text with the European Parliament. Although this would be subject to a further formal sign-off, the agreed text would be highly unlikely to change after next week's meeting, they said.
France, Germany and the UK had been deadlocked over the extent to which national regulators would have control over the supervision of clearing houses based in their jurisdiction. The discussions come as more and more regulatory authority is concentrated among Europe's Supervisory Agencies, which have the power to supersede national regulators on a number of issues.
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