Pension funds call for clearing exemption extension

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Pension funds are pushing the European Commission (EC) to extend the clearing exemption in the European Market Infrastructure Regulation (Emir) until 2018, due to their inability to post non-cash variation margin for swaps. Thijs Aaten, head of treasury and trading at pension fund asset manager APG in Amsterdam, says an extension of the clearing requirement to 2018 would be fair, given pension funds still have problems posting any form of variation margin. "Variation margin can at the moment