Brevan and BlueCrest funds may be 'non-financials' under Emir
Funds managed by Brevan Howard and BlueCrest may not be classed as financial counterparties under Emir, by virtue of their offshore management companies
Ask derivatives market participants to describe Brevan Howard and BlueCrest Capital Management, and it's likely there will be a fair amount of common ground - the two are among Europe's biggest hedge fund managers and the world's biggest derivatives traders. So it might be a surprise to learn that funds run by both appear not to be directly subject to Europe's over-the-counter derivatives reforms – the European Market Infrastructure Regulation (Emir) – and may be treated as non-financial
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