Pension funds need exclusion from clearing, says Record
Record was speaking at a conference hosted by the Association for Financial Markets in Europe, to discuss the future of the FX market and impending regulation, in Brussels on January 12.
Under draft European Market Infrastructure Regulations (EMIR) published on September 15 last year, pension funds will not be exempt from mandatory derivatives clearing (FX Week, September 16, 2010). As such, pension funds will be required to post daily cash collateral with a central clearing counterparty for
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