Risk Annual Summit: Central clearing divides buy side

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Central clearing of over-the-counter derivatives is like using "a hammer to crack a nut", according to Luke Venables, head of operations at hedge fund CQS Capital Management. Venables was speaking yesterday during a panel discussion on OTC clearing at the Risk Annual Summit in London – and while one of his fellow panellists argued the new regulatory regime is a positive step, both voiced concerns about margin costs.

"We wouldn't have done this in a million years," said Venables. "We're fully in

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