Asset managers face swaps-clearing deadline

04/14/2013 | Reuters · Trade News (U.K.), The

At an industry conference, Peter Barsoom, chief operating officer of IntercontinentalExchange's ICE Clear Credit, predicted that an unmanageable backlog awaits the 250 to 300 investment managers that are required to start clearing swaps by June 10. "The number of firms that have already set up accounts at the clearinghouse is a paltry sum compared to that 250," Barsoom said. Meanwhile, Zohar Hod, global head of sales at SuperDerivatives, warned that compliance delays are likely as asset managers rely on third-party vendors and clearing brokers for advice on the swaps regime.

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Reuters · Trade News (U.K.), The

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