Ice, CME shore up clearing house recovery planning
Introduction of VMGH and tear-ups comes amid impasse over CCP recovery and resolution rules
Ice and CME Group have moved to shore up their default management rules to enshrine new tools in their rule books that will help ensure the smooth recovery or wind-up of their clearing houses in the event of a catastrophic default.
CME this month filed rule changes with the Commodity Futures Trading Commission that will give it the right to impose variation margin gains haircutting (VMGH) as a
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