An operating risk should be understood as the risk of exposure to the vagaries of the market, which may consist of either a demand risk or a supply risk, or both a demand and supply risk.

L. whereas the risks of cross-margining of products (portfolio margining) using ringfencing of assets within the default fund of a CCP are untested, and, therefore, while reducing collateral demand in the short term may reduce costs, the use of cross-margining should not jeopardise the ability of a CCP to correctly manage risk and should recognise the limitations of VaR analytics;

L. whereas the risks of cross-margining of products (portfolio margining) using ringfencing of assets within the default fund of a CCP are untested, and, therefore, while reducing collateral demand in the short term may reduce costs, the use of cross-margining should not jeopardise the ability of a CCP to correctly manage risk and should recognise the limitations of VaR analytics;

L. whereas the risks of cross-margining of products (portfolio margining) using ringfencing of assets within the default fund of a CCP are untested, and, therefore, while reducing collateral demand in the short term may reduce costs, the use of cross-margining should not jeopardise the ability of a CCP to correctly manage risk and should recognise the limitations of VaR analytics;

A portfolio management practice which aims to offset the risk linked to an investment in a fixed interest rate bond by combining a long position on a credit default swap and an interest rate swap which swaps that fixed interest rate with an interest rate equal to an appropriate money market reference rate plus a spread should be considered as a hedging arrangement where all the hedging criteria of the commitment method are in principle complied with.

The risk assessment concluded that there is no need for risk reduction measures beyond those which are being applied already with regard to risk to consumers, human health (physico-chemical properties), risks to the atmosphere and risks to micro-organisms in the sewage treatment plant, and that there is a need for further information and or testing with respect to risks to workers, to humans exposed via the environment and to the aquatic and terrestrial ecosystem, in order to adequately characterise the concerns regarding the persistent, bio-accumulative and toxic properties of the substance.[8] Commission Regulation 565/2006 required further studies to be c ...[+++]arried out for the purpose of risk evaluation, including on developmental neurotoxicity, human bio-monitoring and environmental monitoring programmes.[9] The risks caused by the use of Deca-BDE in EEE are aggravated by recent findings[10] about uncontrolled dumping of waste in the EU and in particular about illegal trade of WEEE to countries with sub-standard waste management conditions. User industry can apply for temporary exemptions from the ban following the criteria of Article 5(1)(b) of the present proposal.