IMA: ESMA's discussion paper on the OTC derivative clearing regulation fails to address the position of clients

30 March 2012

Jane Lowe, Director of Markets, said that proposals do not fully take account of the operational readiness of clients to clear and report transactions, the cost of systems upgrades required to ensure compliance, or the dependency of clients on agents such as fund managers to perform key functions.

The Investment Management Association (IMA) has concerns that ESMA’s proposals on draft technical standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories do not properly address the issues faced by clients or the role of investment managers in the OTC derivatives markets, and might result in unnecessarily increasing costs for clients.

Press release

© IMA