Bloomberg News

EU Finance Ministers Said to Reach Deal on Derivatives Rules

October 04, 2011

Oct. 4 (Bloomberg) -- European Union finance ministers today reached an agreement on how to move forward with derivatives legislation in a way that satisfies the concerns of the U.K. and other member nations, an EU official said.

The agreement doesn’t widen the scope of the current derivatives legislation, as the U.K. had sought. Instead, it provides for an EU declaration that any derivatives not forced into central clearing by the current proposal would be covered by future EU rules.

Finance ministers also agreed to restore a provision that would allow “open access” to clearinghouses, that had been removed from earlier drafts. And they agreed that 26 of the 27 EU states would need to agree in order to block action by an EU member country.

To contact the reporter on this story: Rebecca Christie in Luxembourg at rchristie4@bloomberg.net

To contact the editor responsible for this story: Patrick Henry at phenry8@bloomberg.net


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