EU strikes deal to overhaul derivatives markets

The UK, Germany and France are hailing a long-awaited agreement to reform over-the-counter derivatives markets and enhance safeguards. The European Market Infrastructure Regulation will require OTC derivatives to go through clearinghouses to protect against default. "The era of opacity and shady deals is over," said Michel Barnier, the EU's internal-market commissioner. "With this agreement, we are making a big step for financial stability."

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