US person problems: Hedge funds caught in transatlantic tug-of-war
Some European hedge funds will be caught between a rock and a hard place when local clearing rules take effect. They are also expected to comply with the US clearing regime, and as things stand, neither jurisdiction is offering a way out. Kris Devasabai reports
The laws of quantum mechanics, which state an object can exist in multiple forms and places at the same time, confused even Einstein, who said, “no reasonable definition of reality could be expected to permit this”.
Hedge funds could say the same thing about rules governing cross-border derivatives transactions, which in their current form will require some firms to do the impossible.
“The cross
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