Pension funds worried about CCP margin

Margin hunters

Controversy has raged over the mandatory central clearing of derivatives by end-users ever since the idea was first mooted last year. Corporates have lobbied hard for an exemption in both the US and Europe - with some success. But the outlook for non-bank financial companies - and in particular, pension funds - looks glum.

In its proposed rules on over-the-counter derivatives published in September, the European Commission included language that will essentially exempt corporates from using