EU banks in India cut contingency costs after clearing deal
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Esma MoU with two Indian regulators lifts threat to direct clearing for BNP, SocGen and Deutsche
L to R: Headquarters of Esma (Paris) and Sebi (Mumbai)
Agreements signed by regulators in the European Union and India have eased the risk of EU clearing members being obliged to quit Indian clearing houses, allowing the affected banks to cut contingency planning costs.
Until the European Securities and Markets Authority (Esma) signed memorandums of understanding (MoUs) with the Reserve Bank of India (RBI) in January this year and the Securities and
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