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.
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