European pension fund liquidity may need to rise – Danish central bank

Central clearing exemption to expire in 2023 under market infrastructure regulation


European pension companies are likely to need more liquidity from 2023 to meet central clearing of interest rate swaps and other derivatives, says research published by the National Bank of Denmark.

This will result from a regulatory change in the European Union’s market infrastructure regulation coming into force that year, which will put an end to the central clearing exemption enjoyed by the sector.

“The new rules imply that the sector must be able to manage the liquidity risk – also in a

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