Will the Cavalry Arrive in Time

This article addresses the problems of the way in which ESMA plans to apply the exemption granted to corporate treasurers for dealing in OTC type derivative products. Over three and a half years after the start of the long-drawn out financial crisis, the regulators have still not delivered this reform. We find this time lag and the first indications of the content of this reform worrying, at a time when many of us thought that victory was in the bag. The battle may perhaps be won, but certainly not the war. And yet again, judging from the first round, we may fear that victory could be relative. However, the second draft proposed by ESMA was much better.

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