Time running out for UK pension clearing exemption

UK Treasury still silent on pension fund carve-out despite current reprieve expiring in four months

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UK pension funds must be ready to start clearing their over-the-counter derivatives in less than four months’ time unless the UK Treasury extends the current carve-out – as is widely anticipated.

A rolling two-year reprieve from mandatory clearing under the UK’s European Market Infrastructure Regulation (Emir) is set to end on June 18, forcing pension funds to deal with daily cash margining at central counterparties.

While the European Union will require pension funds in the bloc to clear when

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