The European Parliament Economic and Monetary Affairs Committee has voted down draft rules for over-the-counter derivatives. The outcome, which was expected, hinged on lawmakers' concerns that the rules would create an undue burden on businesses and would run counter to EU law. The decision is expected to further delay a plan for mandatory clearing of more OTC derivatives. The full Parliament could take up the matter this week. If the measure fails there, too, policymakers will have to start over.
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