Clearing houses can be separated into haves and have-nots. The first group, which includes Eurex, LCH.Clearnet's French subsidiary, and Singapore Exchange (SGX), knows that in the event of a temporary, but large, cash shortfall, it can obtain emergency liquidity support from its central bank. The have-nots hope they could do the same, but their own central banks refuse to make a public commitment, and – in the eyes of some clients – that puts them at a disadvantage.
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