UK pension funds may have to clear, post-Brexit

Delays to Emir review raise fears that UK schemes may lose exemption

Margin risk post-brexit

Large UK pension funds may have to start clearing derivatives trades with European counterparties in the event of a no-deal Brexit, lawyers warn.

The funds are currently exempt from clearing thanks to a carve-out from the European Market Infrastructure Regulation. But once Britain leaves the European Union, UK funds will be considered “third-country” entities – unless regulators strike a deal on equivalence.

“From the point of view of a bank entering into a new transaction with a pension

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