Reluctant farewell to CFTC’s clearing house recovery guidance
Market participants say withdrawn 2016 letter gave clarity to CCPs; replacement may be needed
Much of the deregulatory drive at the US Commodity Futures Trading Commission (CFTC) by acting chair Caroline Pham has focused on eliminating proposals made by her predecessor Rostyn Behnam. But one recent move has caught market participants by surprise: the withdrawal of a guidance letter on recovery and wind-down planning for derivatives clearing organisations (DCOs), which had been around for
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