India vs Europe: Regulatory Rift
A European regulatory authority has decided to derecognize as many as six Indian clearing houses that settle trade for European banks like Deutsche Bank and BNP Paribas in India. The regulator, European Securities and Markets Authority (ESMA), wants to inspect Indian trade clearing bodies. RBI and SEBI have said it has no jurisdiction over the clearing houses. At stake are the businesses of all European banks operating in India. Ministries of finance in India and European countries are trying to convince their regulators to come to a middle ground, given India and the EU’s improving…
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