Final EU non-cleared margin rules softened for pension funds
No margin concentration limits for pension funds, but intragroup rules threaten US equivalence
The European Commission has opted to largely ignore the concerns of the European Supervisory Authorities (ESAs) and finalise its rules governing the posting of margin against non-cleared swap trades, which would exempt pension funds from concentration limits on the collateral they post.
"The commission seems to think it would be disproportionate to apply these concentration limits to pension funds, because these funds typically hold large amounts of government bonds in local currencies, and they
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