A U.K. government official has criticized the new European Union rules on derivatives, Reuters reports. The proposed regulations suppress competition and reinforce monopoly positions, said Hannah Gurga, deputy director for securities and markets at the U.K. finance ministry.
The proposed EU derivatives rules are being opposed by a minority of states due to a disagreement over scope, the power of the new EU securities watchdog and whether clearing houses should be based in the euro zone if they clear euro-denominated securities. The European Parliament’s economic affairs committee seeks to exclude listed derivatives from clearing choice.
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