Brevan and BlueCrest funds may be 'non-financials' under Emir

Swaps reforms may not apply directly to firms with non-EU offices

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Ask derivatives market participants to describe Brevan Howard and BlueCrest Capital Management, and it's likely there will be a fair amount of common ground - the two are among Europe's biggest hedge fund managers and the world's biggest derivatives traders. So it might be a surprise to learn that funds run by both appear not to be directly subject to Europe's over-the-counter derivatives reforms – the European Market Infrastructure Regulation (Emir) – and may be treated as non-financial

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