The end for one-way CSAs


Dealers are threatening to raise prices for their most prestigious, touchy and powerful customers – central banks, debt offices, local governments and other sovereigns – in an attempt to force them to post collateral or use clearing for their derivatives trades. It’s a tactic that is having some success – Portugal’s debt management office is set to become one of the first sovereign derivatives users to submit collateral to its bank counterparties – but in many instances, dealers are caught in a

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