LCH tightens harness on market experts in defaults

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LCH, the world’s biggest clearer of rates and foreign exchange swaps, has tightened the rules governing market experts on two of its default preparedness groups to keep them battle-ready in the event of a clearing member default.

The changes show LCH clearly in the camp of those who feel market expertise is crucial in auctioning off assets in the event of an implosion. But the shift also has a pre-emptive purpose: by giving default management groups a central role in risk management, LCH hopes

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