Study floats idea of breaking up CCP services

Proposal includes explicit public backstop for key functions and private provision of other services

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Study proposes splitting CCPs into separately owned and funded entities providing different services

Since the financial crisis, central counterparties (CCPs) have grown in size and systemic importance and may now require a different structure, according to a study by regulators and an industry contributor. Their proposal is to split CCPs into separately-owned and funded entities providing different services.

“It may be possible to isolate the functions that are truly critical to the provision of the public good – [such as] multilateral netting of novated trades, custody of margin and

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