EU regulators split over using initial margin to resolve CCPs

Rules on CCP resolution were due last month but are now slated for February

Bank of England
Bank of England: said to be pro-IM haircutting

European regulators are divided over whether initial or variation margin should be haircut as a last-ditch measure to save a stricken central counterparty (CCP) – a choice that places the burden of bailing out a CCP on different users of the venue.

The debate is said by two sources with knowledge of the discussions to have held up long-awaited European Commission rules on recovery and resolution for clearing houses, which were originally expected to be published last month.

"The commission wants

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