Clients demand access to CCP default auctions

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Central counterparties, clearing members and their clients are deeply divided over who gets to participate in default auctions, and in what circumstances.

The rift has emerged in responses to a consultation by two supranational bodies – the International Association of Securities Commissions and the Committee on Payments and Market Infrastructures (CPMI), news of which was first reported by Risk.net in February.

Asset managers and hedge funds say they “should always be eligible to participate

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