Markets mull UK pension clearing exemption

UK Treasury — Clear difference: Treasury has power to extend the exemption as often as it wishes

- By Rebekah Tunstead
- 05 Oct 2022

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The UK is likely to postpone the requirement for pensions to begin clearing their over-the counter derivatives trades in light of the recent scramble to meet margin calls, according to lawyers familiar with the matter.

The European Commission has said there will be no extension in the EU to pension funds’ exemption from clearing, which is due to end next June. However, the UK Treasury is able to extend the exemption by two years at a time without introducing or amending any legislation.

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