"However, what these rules require is that at the end of the nine years, what we'll do is close that derivative at market. This actually introduces volatility for investors, because there is now a close-out cost and a hard end-date for investors."
-- Simon Gleeson, a partner at Clifford Chance in London, on the impact of refinancing costs of derivative contracts on the back of the European Securities and Markets Authority's final rules for structured UCITS
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