Recovery rules would force CCPs to accept operational losses
CCPs will be unable to pass on operational losses to clearing members, according to new CPMI-Iosco guidelines - Ice had previously sought to do so
Central counterparties (CCPs) will have to absorb all losses related to operational failures, according to new international guidelines. At least one clearing house - Ice Clear Europe - had previously sought to pass operational losses above a threshold level to its member firms.
The Committee on Payment and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (Iosco) released guidelines on the recovery of financial market infrastructures (FMIs) on October 15
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