Finance lobbies call on India and EU to cut a deal amid RBI-ESMA rift over clearing houses

The standoff between Indian authorities and ESMA stems from the Reserve bank of India's refusal to accept ESMA's demand to inspect, and even penalise, key Indian CCPs like the Clearing Corporation of India Ltd which absorb the clearing and settlement risks in transactions like government securities, repos and widely traded derivatives like foreign exchange forwards and interest rate swaps used to hedge positions.

from Banking/Finance-Industry-Economic Times https://ift.tt/kFwdZt3