Banks set to win derivatives relief in new EU trading rules

London

BANKS and asset managers have pushed for more than a year to have many of their derivatives exempted from new European Union trading rules the industry says would send costs spiraling. Now they're on the verge of success.

The European Securities and Markets Authority has relaxed its proposal for determining when many common types of transactions must occur on trading platforms under new pre-trade transparency requirements that are expected to increase competition among dealers.