Clearers challenge Massad over EU client protections

Affiliate and client positions not commingled, they argue

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Commingling only a problem in theory, say European CCPs

Clearing banks and central counterparties (CCPs) have challenged a top US regulator's suggestion that European clearing rules put customers at greater risk.

Timothy Massad, chairman of the Commodity Futures Trading Commission (CFTC), drew attention to what he called "a difference in the treatment of house affiliates" under European rules at the European Parliament, where he delivered a speech on margin methodologies for CCPs last month. Affiliates, in this context, are the other legal entities

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