KfW justifies exemptions from Emir


With €511 billion in assets in 2012 and a guarantee from the German government, development bank KfW carries some clout in the market - so much so that it was able to win key concessions from European regulators when they drew up new derivatives rules. For one thing, KfW is among the exclusive list of entities excused from mandatory clearing of standardised over-the-counter derivatives, as well as posting margin on uncleared swaps under the European Market Infrastructure Regulation (Emir). For

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