Waiting for CCP standards


The use of central counterparties (CCPs) to clear standardised swaps contracts has emerged as a vital plank in the reform of over-the-counter derivatives markets, both in Europe and the US. Legislators and regulators accept they must make these entities as robust as possible, realising central clearing will concentrate risk within the walls of a handful of approved CCPs. But, already, claims of rival clearing houses competing on margin to win business have emerged.

The job of ensuring CCPs are s

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