Proposed EU swaps rules hit a hurdle in committee

The European Parliament's 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 vote is expected to further delay plans to establish 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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