Clearing: Third time lucky

Laurent Paulhac
Laurent Paulhac, CME Group

The clearing head shrugged, then sat back in his seat. “I wasn’t even in the office,” he said. “It was a non-event. Everyone is a lot more used to this now.” He was talking about the third and final US clearing mandate, which had come into force the day before, on September 9. His comments stand in stark contrast to the previous two mandates, when dealers said the last-minute rush to get clients ready for clearing was hampered by niggly operational and technical glitches (Risk April 2013, pages

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