"European authorities should consult on their approach to determining whether foreign derivatives regimes are equivalent to the European Market Infrastructure Regulation (EMIR) because these decisions have the power to break up the over-the-counter derivatives clearing system".  This is Eric Pan speaking, associate director in the office of international affairs at the US Securities and Exchange Commission (SEC) , at an industry briefing organised by the Futures and Options Association in London today. In other words, SEC urges ESMA and EC to adopt US practice and solicit public comment on what they draft. The public, market participants and other interested parties should be able to take a look at what the regulators are suggesting and indicate where they may have got certain things wrong or suggest where they can do things better. They strongly advise them to stray away from the "all-or-nothing" approach. I can agree on this point, however, some little voices keep popping up at the back of my head telling me that US based CCPs fear that they will loose a big market share if ESMA does not give them authorisation….. More details here. Maria L.