Now is not the time to change the rules on CCP resolution

FSB overstepping brief by putting CCP operators’ equity on the hook in resolution, writes former CFTC chair


Earlier this month, the Financial Stability Board published proposed guidance directing national authorities in resolving central counterparty clearing houses (CCPs) in the event of a CCP failure. Specifically, it has called for CCP shareholders to be exclusively responsible for absorbing all losses in a resolution scenario. I believe that is the wrong call, and the wrong time to make it.

As former chairman of the US Commodity Futures Trading Commission, who led the process of refining recovery

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