Indirect clearing: The capital conundrum


Anyone who wants to know about the capital treatment for indirect clearing – an untested business in over-the-counter derivatives markets in which clients of a clearing member are allowed to sign up clients of their own – should ask the Basel Committee on Banking Supervision. So says Tom Springbett, manager of OTC derivatives and post-trade policy at the UK Financial Services Authority and chair of a European Securities and Markets Authority (Esma) task force that drew up Esma’s own rules on ind

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