The invisible incentives of clearing

Leverage ratio is making life difficult for clearing's gatekeepers


As 2014 drew to a close, 22 regulators from 13 bodies ran the rule over new margining and capital regimes to see if they had delivered on a key pledge – to create incentives for the use of clearing houses. Their findings were relayed by the Financial Stability Board (FSB) to politicians in the Group of 20 nations, boiling the 22-page report down into two paragraphs.

In turn, I'll boil those two paragraphs down into two words: job done.

The way the FSB tells it, the Derivatives Assessment Team

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