Korea trading error prompts global clearing house review
KRX is rethinking its own rules in the event of a member default
After HanMag Securities caused $45 million of losses in December by submitting a series of incorrect trades at Korea Exchange's (KRX) listed derivatives service, triggering the use of non-defaulting members' default funds under KRX's rules, the Futures Industry Association (FIA) plans to review the waterfall structure at every clearing house globally.
For the first time in recent history, non-defaulting members were asked to top up millions of dollars in default fund contributions through no
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