AFME and other influential industry groups are scrutinising collateral policies of European governments. The groups issued a white paper that calls on governments to collateralise over-the-counter derivatives transactions. "A majority of European sovereigns have one way [credit support annexes] in place. They have historically used their superior credit and bargaining power to obtain these favorable contracts from dealers," the groups write. "As a result, any exposures that European sovereigns might have to dealers are always collateralized. Exposures the dealers have to ES, however, are unsecured."

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