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Netting opinion: Difference between revisions
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The Basel rules are transliterated into European law under article {{crrprov|194}} of the [[Capital Requirements Regulation]]. | The Basel rules are transliterated into European law under article {{crrprov|194}} of the [[Capital Requirements Regulation]]. | ||
=== Industry | === [[Industry association]]s and [[law firm]]s must do better === | ||
Given how hateful the process of reviewing and applying netting determinations is, it is a mystery of modern finance and an outright failure of free-market capitalism that the process of obtaining these opinions is as much of a bugger's muddle as it is, but it is. Two | Given how hateful the process of reviewing and applying netting determinations is, it is a mystery of modern finance and an outright failure of free-market capitalism that the process of obtaining these opinions is as much of a bugger's muddle as it is, but it is. Two constituencies, only, gain from the netting opinion process: those law firms who write them, and the industry bodies which have fashioned an entire cottage industry out of commissioning them. Here, in a piece of contrarian advocacy, are some simple steps one could take to make the process better. This might dent the annual revenues of our learned friends, but it is hard to muster any tears about that. | ||
====Summarise==== | ====Summarise==== | ||