CFTC backs banks in tussle over clearing house governance
CME and Ice will need to pay more attention to clearing members on risk committees
A new rule proposed by the US Commodity Futures Trading Commission (CFTC) could force clearing giants CME and Ice to reconstitute their risk governance processes and give clearing members a bigger say in risk management decisions.
The governance rules – proposed for comment on July 27 – are seen as a big win for futures commission merchants (FCMs), which have long complained about central counterparties (CCPs) failing to listen to their members before taking decisions that have implications for
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