1. EMIR Survey Results
February 2013
For Institutional Investors
On Monday 4 February, Redington partnered with Morgan Stanley to present pension fund stakeholders
with an education session on “2013 – The Year of EMIR”.
The session focused on new OTC regulations planned by the European Securities and Markets Authority
(ESMA), exploring the impact on pension funds from the proposed changes and how pension funds can
take action to prepare themselves and optimise their transition into the new regulatory environment.
Following the education session, attendees were invited to complete an anonymous online survey
assessing their views on the implications of the European Market Infrastructure Regulations (EMIR) for
their pension funds. The results have now been collated and are shown below.
Key findings from the survey include:
• A significant majority of respondents think their pension funds are “under prepared” or “not at all
prepared” for the implementation of EMIR
• All respondents feel it is either “urgent” or “relatively” urgent that they take action to address
issues raised by the implementation of EMIR
• Almost all respondents think that the implementation of EMIR will not benefit pension funds from
an overall cost perspective
• A significant majority of respondents see the requirement to post cash as variation margin for
cleared trades as the biggest implication of the new regulations

2. February 2013 For Institutional Investors 2
1) Do you think the implementation of EMIR will benefit pension
funds from a risk reduction perspective?
2) Do you think the implementation of EMIR will benefit pension
funds from an overall cost perspective?
37.5%
62.5%
Yes No
11.1%
88.9%
Yes No

3. February 2013 For Institutional Investors 3
3) What do you think is the biggest implication of the regulations
for pension funds?
4) How well prepared is your pension fund for the
implementation of EMIR?
0.0%
77.8%
22.2%
0.0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Initial margin for
cleared trades
Cash as variation
margin for cleared
trades
Bilateral initial
margin for non-
cleared trades
The reporting
requirement
Initial margin for cleared trades
Cash as variation margin for cleared trades
Bilateral initial margin for non-cleared trades
The reporting requirement
0.0%
12.5%
75.0%
12.5%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Fully prepared Prepared Under prepared Not at all prepared
Fully prepared
Prepared
Under prepared
Not at all prepared

4. February 2013 For Institutional Investors 4
5) Will you take advantage of the pension fund exemption or will
you start to clear your OTC derivative transactions ahead of the
deadline?
6) How urgent do you feel it is to take action to address the
issues raised by the implementation of EMIR?
0.0%
12.5%
87.5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Use exemption Clear Early Don't know
Use exemption
Clear Early
Don't know
37.5%
62.5%
0.0% 0.0% 0.0%
0%
10%
20%
30%
40%
50%
60%
70%
Urgent (would
like to address
immediately)
Relatively urgent
(will put on the
list for the next
quarter's
business)
Less urgent (will
wait until my
asset manager
raises it)
Not urgent at all
(will wait until a
decision is
required)
Not relevant
(does not affect
my scheme)
Urgent (would like to address immediately)
Relatively urgent (will put on the list for the next
quarter's business)

5. February 2013 For Institutional Investors 5
7) Do you believe that the use of central counterparties for
clearing will reduce risk to pension funds?
Further Information
For more details on the impact of EMIR and how pension funds can prepare, please contact
tom.mccartan@redington.co.uk or your usual Redington representative.
Disclaimer
© Redington Limited 2013. All rights reserved. No reproduction, copy, transmission or translation of this publication may be made without the
status of Redington Limited as the authors being acknowledged.
Registered Office: 13-15 Mallow Street, London EC1Y 8RD. Redington Limited (reg no 6660006) is registered in England and Wales.
66.7%
33.3%
Yes No