I DON’T BELIEVE IT!

The story over at the FT is that Verena Ross, executive director of the European Securities and Markets Authority, predicted at a conference an even bigger slip in the predicted date for mandatory clearing in Europe to mid 2014. This comes hot on the heels of the recent FSA prediction of end-2013.  She also suggests that reporting to a Repository must precede clearing, a dependency I don’t see the necessity of.

Is anyone surprised at the scepticism amongst European firms at committing resources to preparing for the implementation of EMIR?

I’m not sure I can even be bothered to re-re-re-update my timeline chart for Europe, it’s guesswork from now on. And surely we have a strong incentive for European firms NOT to trade with US firms and avoid the clearing obligation in the US?

Full steam ahead in Europe, that’s until they slap a 5 year VaR on un-cleared trades of course.

Oh deary deary me.

For anyone not fully aware of Victor Meldrew and his reactions, check out this YouTube video: http://www.youtube.com/watch?gl=GB&hl=en-GB&v=mLNrLI3OBwg

Full story (subscription) at the FT: Europe dallies on derivatives regulation – FT.com.