Pensions industry says permanent Emir exemption not enough
Calls from the European Parliament and UK regulator recently for pension funds to be exempt from central clearing of OTC derivatives miss the point, according to figures in the industry
The European Parliament and the UK’s Financial Conduct Authority (FCA) are pressing the European Commission to consider a permanent exemption from requirements to post cash variation margin to central counterparties (CCPs).
Funds have protested loudly about the strain of moving to central clearing, yet some in the industry say an exemption could make matters worse – leaving pension funds still
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