Pension funds brace themselves for end of clearing exemption

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By Jean Comte
14 Dec 2017

The end of pension scheme arrangements’ (PSAs) clearing exemption is approaching, but European Union institutions and market participants are still forcefully debating whether to grant another rollover — and what a permanent solution will look like.

The exemption was originally granted in 2012 on a temporary basis, in order to give market participants time find technical solutions to a major mismatch in the clearing system: clearing house (CCP) requirements for cash as collateral, and pension funds’ preference for investing cash holdings — mainly in ...

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