Speaking from experience, the number of models and the details underneath them aren’t going to get any easier, especially when the interpretation of the word by word reading of EMIR can lead to considerable ambiguity and flexibility.

Tom has done a good job of illuminating the challenge of solving the legal, operational and commercial challenges of reengineering the underlying fundamentals of CCPs whilst in-flight.

Too much choice: The problems with Europe’s plethora of segregation models – Risk.net. (subs)