The parties most affected by the regulatory impasse are French and German banks with trading operations here. These are Credit Agricole, BNP Paribas, Societe Generale of France and Deutsche Bank of Germany. These banks carry out billions of dollars' worth of trade in Indian bonds and swaps while some also play a key custodian role. While the ESMA's decision came into effect at the end of April 2023, national regulators in France and Germany provided their banks with time until October 31, 2024, to continue transacting with the CCIL.
