CFTC’s equivalence plan divides clearing houses and clients

US end-users prefer alternative compliance, but foreign CCPs want exempt status

Risk 1019 In Depth Mark Long www.nbillustration.co.uk
Mark Long, www.nbillustration.co.uk

Everyone likes having a choice – it is the essence of a free market. So Christopher Giancarlo may well have thought he was doing the clearing industry a favour when he proposed a reform in July that would give foreign clearing houses a choice of ways to serve US end-users.

The trouble is, it seems the central counterparties (CCPs) don’t want to make the same choice as their buy-side clients. Giancarlo has now left the building at the Commodity Futures Trading Commission (CFTC), and his former

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