Pensions industry says permanent Emir exemption not enough

European Parliament and UK regulator push for carve-out, but industry unimpressed

European Parliament Brussels
European Parliament: pushing for a permanent exemption

The European Parliament and the UK’s Financial Conduct Authority (FCA) are pressing the European Commission to consider a permanent exemption from requirements to post cash variation margin to central counterparties (CCPs).

Funds have protested loudly about the strain of moving to central clearing, yet some in the industry say an exemption could make matters worse – leaving pension funds still posting cash under bilateral arrangements, but with none of the benefits of clearing through a CCP.

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