Clearing houses have criticised the European Energy Exchange (EEX) for advertising margins that are lower than that of three rivals. The critics say overt competition on margin could encourage a race to the bottom, in which central counterparties (CCPs) deliberately sacrifice financial strength in a bid to attract trading volume.
"Margins should not be used as a marketing tool," says a senior commodities source at one exchange. "Clearing houses should not compete on margin, so it is very unusual
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