The Clearing House takes aim at CCP risk governance

Banks call for audit trails and beefed-up role for risk committees

The letter was addressed to Iosco

The Clearing House – a New York-based group of 24 US banks – has criticised inconsistencies in the risk governance of central counterparties (CCPs) and called on regulators to impose tougher minimum standards.

In a September 18 letter to regulators, the group said it supported the drive to centrally clear standardised over-the-counter derivatives through CCPs – a goal adopted by Group of 20 leaders at Pittsburgh in 2009. But it added that “the shift to central clearing has the potential to

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