Gazprom Marketing & Trading: Powering up for clearing
While most non-bank derivatives users have been waiting for the European Securities and Markets Authority (Esma) to finalise the thresholds beyond which over-the-counter trades need to be cleared in Europe, Michal Kawski is fretting about a different definition – of the word ‘ancillary'.
As head of treasury for Gazprom Marketing & Trading (GM&T) in London, Kawski knows that if the Russian oil giant's trading activities – which generated £21.7 billion in revenues during 2011 – are not deemed to
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The Chicago Mercantile Exchange's (CME) bid to eliminate 'black swan' events in the commodity derivatives arena received a boost with the announcement that the world's largest derivatives exchange will start clearing a new range of Middle Eastern and…
Clearing exemption too close to call
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