LCH.Clearnet may offer 'lite' membership to sovereigns


Sovereign derivatives users that want to directly access central counterparties (CCPs) may be able to do so without shouldering the same responsibilities expected of other members - possibly including an exemption on the posting of initial margin - under plans for a special membership category being discussed by London-based clearing house LCH.Clearnet. However, rival clearers warn the whole CCP model - which reduces counterparty exposure by mutualising risk - could be undermined if some memb