EU pension fund clearing exemption set to be extended

Extra 12 months’ grace from mandatory swap clearing, but some fear effect on EU CCP liquidity growth

European Commission
The European Commission proposed latest extension beyond June 2023
Photo: EmDee, https://bit.ly/2XLJMC2

European regulators are set to extend the exemption for pension funds from mandatory swap clearing rules for another year, though some suggest this could further delay the build-up of liquidity at EU central counterparties (CCPs).

In February, the European Securities and Markets Authority (Esma) recommended to the European Commission that the exemption be extended to June 2023, and subsequently on June 9, the European Commission published a delegated act proposing to extend the exemption by a

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