Covered bond industry protests against Esma clearing push

Esma has ignored calls to exempt covered bond vehicles from clearing, to the dismay of issuers

man-pushing-rock

Covered bond issuers are becoming increasingly frustrated by pressure for them to clear derivatives trades, after the European Securities and Markets Authority (Esma) appeared to close the door on a wholesale exemption.

The industry does not post collateral on its derivatives and lacks assets that would be accepted by a clearing house, but a July 12 discussion paper from Esma argued an exemption was not envisaged by the European Market Infrastructure Regulation (Emir) – the region's clearing

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here