BlackRock tries to renegotiate 'dirty CSAs'

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BlackRock, the world's largest asset manager, is renegotiating thousands of credit support annexes (CSAs) governing collateral posting on its derivatives transactions in an attempt to make it easier to compare prices between dealers – but some banks are trying to charge for the privilege, says BlackRock's New York-based global head of trading, Richard Prager.

"The interpretation of CSAs has evolved significantly and a lot of previous market conventions have come unstuck. It is becoming difficult

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