The final countdown: Europe’s pension funds get ready to clear

With clearing exemption due to end next June, EU funds try to learn from UK’s LDI mistakes

When the European Commission announced on June 9 that it would be extending the exemption for EU pension funds on clearing over-the-counter derivatives for the final time, few were surprised. The exemption had been repeatedly extended since its introduction 10 years previously, and most of the pension funds covered by it were already clearing voluntarily.

Yet fears persist around the liquidity risks posed by clearing. If the size of margin calls were to spike, pension funds might all have to

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