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Rumoured welcome delay to WGMR “Phase 1.5”

The FT website is reporting unnamed sources which confirm that Council approval of the EU non-cleared margin rules will be slightly delayed until 21 November.

The Council is relatively free from formal procedures for approval and has been the subject of intense, but quiet, lobbying by investment banks keen to avoid the unfortunate coincidence of the rules’ implementation with the typical year-end IT code freeze. Council approval on 21 November will trigger publication in the OJ in early December, leading to a likely implementation date 50 days later, bypassing the code freeze while leaving at least some time until the “Big Bang” Phase 2 VM implementation on 1 March 2017.

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