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Clearinghouses need not offer segregated accounts to indirect clients, ESMA says

( November 11, 2013, 16:04 GMT | Official Statement) -- MLex Summary: Clearinghouses are not required to set up individually segregated accounts for their members’ clients, the European Securities and Markets Authority said in guidance on the EU law for clearing and reporting of over-the-counter derivatives. Dealers need not set up — usually mandatory — risk-reduction arrangements, such as trade confirmation and portfolio reconciliation, when trading with counterparties exempt from the law, according to ESMA. Pension funds, which are waived from clearing requirements for three years, will remain exempt for any contracts they enter into during that time, even if the exemption expires.Click the attachment at bottom for the full document....

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