The irony of SSA derivatives clients

Nick Sawyer

Life is full of little ironies, and this is sometimes – very occasionally – true of the derivatives markets too. To give an example: politicians, central banks and regulators are pushing for banks to clear over-the-counter derivatives through central clearing houses, as well as calling for non-cleared derivatives to be backed by collateral whenever possible.

That seems sensible. But here’s the irony: those clients most vehemently opposed to posting collateral to banks to cover mark-to-market los

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