Depositories ponder size of capital requirements for AIFMD liability

Depositories will be liable for losses to customer assets under AIFMD, potentially creating a huge exposure for these firms. There is uncertainty over how this risk should be priced and how much capital to hold against the exposure


The decision four years ago by Group of 20 leaders to require all standardised derivatives to be cleared through central counterparties (CCPs) prompted regulators to think hard about the implications for bank capital. Clearing members are required to contribute money to each CCP’s default fund, but this could be lost in the event of the default of another clearing member and its clients. Worse, the bank might be called upon to top up its contribution – an exposure regulators felt could not be

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