Call for user-owned utilities to lower central clearing cost

But monopoly or duopoly inefficient, BNY Mellon says

clearing and settlement
Gesa Benda, managing director, collateral management, BNY Mellon Markets Group

The topic of clearing utilities has been discussed in the derivatives industry for more than 20 years. What is most interesting is that the majority of user-owned facilities have either gravitated away from the model or have been taken over by for-profit exchange groups.

Recent examples include the London Stock Exchange Group taking a majority stake in LCH.Clearnet and ICE acquiring Clearing Corp. Regulation and

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