Mixed response to Esma’s clearing carve-out for optimisation

Long-awaited proposal must be replicated by US and UK to be effective, participants say

Esma carve-out
Esma building photo courtesy of Esma

A proposal by Europe’s markets regulator to exempt portfolio optimisation trades from mandatory clearing may prove to be of limited use – or even counterproductive – in the absence of replica action from US and UK regulators, participants say.

In a report to the European Commission, published on November 10, the European Securities and Markets Authority (Esma) concludes that clearing exemptions for certain transactions stemming from post-trade risk reduction (PTRR) services, such as portfolio

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