In late 2015, a group of investment firms made an extraordinary commitment to voluntarily comply with a clearing mandate that had not yet been adopted by regulators.
The move was borne of frustration with the US Securities and Exchange Commission (SEC), which had delayed acting on a provision of the Dodd-Frank Act directing it to rule on whether single-name credit default swaps (CDSs) should be mandated for central clearing.
Tired of waiting – and convinced central clearing would revive
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