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MiFID Swaps Deal Reached for U.S. Platforms to Avert Rupture

  • European Commission announces decision for trading platforms
  • Decision reached before Jan. 3 start of MiFID trading rules
Updated on

The European Union said banks and other traders in the bloc can use U.S. platforms to comply with MiFID II restrictions on derivatives, as policy makers moved to prevent a rupture in the $542 trillion global market less than a month before the EU law kicks in.

The decision announced on Tuesday by the European Commission, the EU’s executive arm, is intended to smooth the start of MiFID II and follows an agreement with U.S. authorities to coordinate oversight of the market. The main U.S. derivatives regulator plans to exempt certain EU trading venues from U.S. registration requirements, the commission said in a statement.