With its Undertakings for Collective Investments in Transferable Securities (UCITS III) directives due to be adopted this summer, the European Commission (EC) has effectively removed the shackles that prevent retail mutual funds’ derivatives use. Furthermore, it may open the door for such funds to move into new territory previously occupied by retail hedge funds and funds of funds. Currently, retail funds are limited to investing in listed securities but UCITS III opens the door to liquid tr
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