LCH.Clearnet may offer 'lite' membership to sovereigns

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Sovereign derivatives users that want to directly access central counterparties (CCPs) may be able to do so without shouldering the same responsibilities expected of other members - possibly including an exemption on the posting of initial margin - under plans for a special membership category being discussed by London-based clearing house LCH.Clearnet.

However, rival clearers warn the whole CCP model - which reduces counterparty exposure by mutualising risk - could be undermined if some members

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