OTC Derivatives And Commodities Trading: EU Vs. US

Law360, New York (April 22, 2011, 12:54 PM EDT) -- Broad political consensus between the European Union and United States, and an aggressive drive to eliminate jurisdictional arbitrage, has meant that the main provisions of the U.S. Dodd-Frank Act and EMIR/MiFID II are remarkably similar. There are, however, some notable divergences.

Key Similarities

1) Scope

The scope of derivatives covered is similar between the EU and U.S.. Both apply to a broad range of derivatives and both exclude spot foreign exchange contracts and commercial forward transactions.

2) Mandatory clearing of standardized over-the-counter contracts

Both approaches require...
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