The European Securities and Markets Authority is taking a pragmatic approach to enforcing clearing and reporting rules in the European Market Infrastructure Regulation, experts say. "It's a welcome and pragmatic approach from ESMA, which could have been reduced to going tit for tat with the U.S., with lots of extraterritorial assertions -- even if it had no means of policing them," said Barney Reynolds, partner at law firm Shearman & Sterling.

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