Overview1. This consultation paper (CP) sets out the Bank of England’s (the Bank’s) proposal to exempt transactions carried out as part of a post-trade risk reduction (PTRR) service from the derivatives clearing obligation as set out in Article 4 of UK EMIR.2. PTRR providers offer services to two or more counterparties to derivatives transactions for the purpose of reducing counterparty, operational and basis risk in derivatives portfolios. Market participants, such as large banks, submit trades from their ...