After grumbling for months about flaws in the way clearing houses set their default resources – through stress tests subject to high-level principles – market participants finally persuaded regulators to roll up their sleeves and take a look.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (Iosco) established a working group to examine stress-testing practices at central counterparties (CCPs) last October, and a formal
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