CFTC’s clearing house recovery rule splits industry

Some fear CCPs will fast-track recovery, others say any rule book will be ignored in emergency

CFTC recovery plan montage

Market participants are divided over a regulator’s warning that proposed US recovery rules for clearing houses could increase the risk of a central counterparty (CCP) declaring a recovery event. Summer Mersinger, a commissioner at the US Commodity Futures Trading Commission (CFTC), originally sounded the alarm at an open meeting on June 7 where the proposal was adopted.

“If [CCPs] set aside money for recovery and wind-down, those resources are not available to try to manage a situation during

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