OTC client-clearing legal template is released for Europe

06/11/2013 | Risk.net (subscription required)

After months of delay, a standard legal template is available for users of client-clearing services in Europe's over-the-counter derivatives market. The OTC derivatives addendum had been scheduled for September, but major U.S. buy-side firms expressed concern about closeout mechanisms and portability. "It was really people reading the draft and commenting about how certain things are cross-referenced and tie in with other elements," ISDA General Counsel David Geen said. "There was just more detail that we needed to get through than we expected."

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