EU regulator renews attack on US CCP margin rules

Esma’s Verena Ross warns against one-day regime for house accounts

Verena Ross at Esma
Verena Ross, executive director at Esma

A senior European regulator has criticised the US one-day margin regime for central clearing, claiming it puts the safety of clearing houses and non-defaulting members at risk.

Verena Ross, executive director of the European Securities and Markets Authority (Esma), said the Lehman Brothers default in 2008 showed the US regime, which requires clearing members to post one-day gross margin for listed derivatives, does not generate enough collateral to cover a clearing member's own asset class

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