With growing concern about the possibility of a liquidity
squeeze, market participants have called for gradual phase-in
of clearing obligations as a priority for Emir (European Market
"To have numerous market participants trying to sign up
clearing documentation with clearing houses, struggling to find
collateral for uncleared trades, and to margin cleared trades
is going to cause serious log jam," said Kate Lamburn,
solicitor with Bank of America Merrill Lynch.