European regulators issue Brexit relief for UK pension funds

Some EU watchdogs are not enforcing mandatory clearing for trades between region’s banks and UK pension schemes

EU leeway

Four sources say European Union national regulators are allowing banks to continue exempting over-the-counter derivative trades with UK pension funds from mandatory clearing requirements, despite UK funds technically losing the exemption on December 31.

“I believe various European banks have had regulatory clearance from their respective regulators to continue trading under this [exemption],” says a senior trader at a UK pension fund.

Two of the sources, including a regulatory expert at a

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