CCPs not panacea, argue dealers

The push to clear over-the-counter derivatives through central counterparties (CCPs) could create new weaknesses in the financial system, market participants have warned.

Speaking at a conference organised by the International Swaps and Derivatives Association in London on September 24, Maria Velentza, head of the European Commission’s securities markets unit, acknowledged CCPs could become the source of a new form of risk, creating a central point of failure that would embroil a huge share of t

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