10.01 The credit crisis has generated a flurry of reform proposals at the global, regional, and local levels. As one would expect from a core regulatory player, the EU has joined the fray. It is currently reviewing its financial regulation regime and, in particular, is considering significant reforms in the trading and clearing area. EU reform efforts, like any such undertaking, reflect efficiency as well as political considerations. On the one hand, the aim is to improve the robustness of the regulatory framework and to reinforce the integration of European...
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