EU hands CCP members a narrow win on skin in the game

Clearing members could use the final rules to push for higher CCP capital globally

Tug-of-war montage

You win some, you lose some. After an almost four-year battle between central counterparties and their clearing members about who pays when a clearing house fails, European Union legislators have been able to strike a compromise. The result leaves both sides feeling satisfied on some scores, but disappointed on others.

One change clearing members have managed to bag is a provision that will mean European CCPs will have to put more of their own resources on the line. The amount of so-called skin

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