ECB’s Russo: indirect clearing model needs work

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Regulators need to provide greater clarity on the capital treatment of indirect clearing, according to Daniela Russo, director general payments and market infrastructure at the European Central Bank (ECB).

Indirect clearing is included within the European Market Infrastructure Regulation (Emir), and allows clients of clearing members to clear trades on behalf of their own customers – in other words, a trade would be submitted for clearing by a client of a client of a clearing member of a clearin

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