A growing number of public entities in Europe are considering a possible move into clearing their derivatives trades, but dealers say significant funding waivers for SSAs mean potential increased risk exposure for European clearing houses. And many of their members see the waivers as unnecessary preferential treatment.
“If you have an entity that’s contributing to the risk in the system without ponying up for it, I just don’t think that’s right,” says the global head of clearing at a US bank.
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