Esma exemption provides corporate relief

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Corporate treasurers have expressed relief at a clearing exemption within draft technical standards for the regulation of over-the-counter derivatives, published by the European Securities and Markets Authority (Esma) on June 25 – but continue to worry about the margin requirements for uncleared trades.

The consultation paper expands on the criteria for the exemption, first detailed in a discussion paper released on February 16. It states that an OTC derivatives contract entered into by a non

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