RNS Number : 0856X
Record PLC
21 November 2017

FOR IMMEDIATE RELEASE                                                                                                                  21 November 2017




Record plc ("Record"), the specialist currency manager, notes recently proposed amendments to the deliverable forward foreign exchange contract variation margin requirement under the European Market Infrastructure Regulation ("EMIR").  Record also notes media comments that these amendments may effectively be applied so as to forestall certain of its EU-based clients having to pay and receive daily variation margin from 3 January 2018, as had been expected.


Record is engaging with its affected clients and their counterparty banks, so as to ensure the best course of action allowing clients to meet their regulatory obligations whilst minimising disruption.  Record will continue to monitor developments and does not expect the net revenue effect either from the introduction of mandatory variation margin, nor from any changes to its introduction, to be material.


For further information, please contact:


Record plc                                                                                                                            Tel: +44 (0) 1753 852 222

James Wood-Collins, Chief Executive Officer

Steve Cullen, Chief Financial Officer


MHP                                                                                                                                        Tel: +44 (0) 20 3128 8100

Nick Denton                                                                                                                                  record@mhpc.com

Ollie Hoare

James Morgan

Robert Collett-Creedy


Notes to Editors


Record is a specialist currency manager and provider of currency hedging services for institutional clients.  Founded in 1983, Record has established a market leading position as a currency manager.  Specifically, the Group has a leading position in managing Currency Hedging and Currency for Return for institutional clients.


The Group has four principal reporting lines:


·    Passive Hedging, where Record seeks to eliminate fully or partially the economic impact of currency movements on elements of clients' investment portfolios that are denominated in foreign currencies;

·    Dynamic Hedging, where Record seeks to eliminate the impact of currency movements on elements of clients' investment portfolios that are denominated in foreign currencies when these movements are expected to result in an economic loss to the client, but not to do so when they are expected to result in an economic gain;

·    Currency for Return, in which Record enters into currency contracts for clients with the objective of generating positive returns; and

·    Multi-Product, where the client mandate includes combined hedging and return-seeking objectives.


Record plc (LSE: REC) was admitted to trading on the London Stock Exchange on 3 December 2007.


This announcement includes information with respect to Record's financial condition, its results of operations and business, strategy, plans and objectives.  All statements in this document, other than statements of historical fact, including words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "will", "continue", "project" and similar expressions, are forward-looking statements.


These forward-looking statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and assumptions that could cause the actual future results, performance or achievements of the Company to differ materially from those expressed in or implied by such forward-looking statements.


The forward-looking statements contained in this document are based on numerous assumptions regarding Record's present and future business and strategy and speak only as at the date of this announcement.


The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement whether as a result of new information, future events or otherwise.


LEI: 5493000VJ55ZTYGX4322


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