Being among the first buy-side derivatives users to start clearing over-the-counter products is a double-edged sword. On the one hand, a firm has a chance to shape the process; on the other, it has to devote extra resources to dealing with bumps in the road. Bill De Leon, global head of portfolio risk management at US bond giant Pimco, says the pros outweigh the cons.
Although dozens of firms have tested the emerging client clearing framework for OTC derivatives, Pimco was the first to start sen
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