Nasdaq default: rivals question direct clearing

“Was this individual margined correctly?” asks Ice’s Sprecher

Times Square, New York City

Executives at two of the world’s biggest exchanges have questioned exchange operator Nasdaq’s approach to margining direct clearing members, after last month’s default drained two-thirds of its default fund for commodities.

Speaking at an industry event on October 17, Jeff Sprecher, chairman and chief executive of rival Intercontinental Exchange, said central counterparties (CCPs) should apply a heightened level of scrutiny to the positions of direct clearing members, such as Einar Aas, the

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