Corporates fear end to Emir's hedge exemption

Counting all trades towards clearing threshold ‘would be a nightmare’

Esma wants to end special status for hedges

Corporate treasurers are protesting against proposals that would end the exemption their hedges enjoy in European swaps market reforms, potentially forcing them to clear many of their over-the-counter trades and post margin on non-cleared trades.

The head of risk management at one large German company, which has around €100 billion ($113 billion) notional of OTC derivatives on its books, says it estimates its margin needs could run to the double-digit billions of euros.

"Which internal projects

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