Central Clearing of Derivatives : EMIR Update
26 January 2012 There has been some relief in the pensions area, and in investment management in general, that we have been granted a three-year exemption from the EMIR requirement that over the counter derivatives should be centrally cleared through exchanges. Pension schemes which have established swap-based liability hedging programs would be particularly badly hit, though the legislation would extend to the use of derivatives in other areas: such as bond fund management, where they are routinely used to manage duration and credit risk.