Covered bond industry protests against Esma clearing push

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Covered bond issuers are becoming increasingly frustrated by pressure for them to clear derivatives trades, after the European Securities and Markets Authority (Esma) appeared to close the door on a wholesale exemption.

The industry does not post collateral on its derivatives and lacks assets that would be accepted by a clearing house, but a July 12 discussion paper from Esma argued an exemption was not envisaged by the European Market Infrastructure Regulation (Emir) – the region's clearing

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