US clearers move to dole out losses besides default

ICC wants members to chip in on investment and custodial losses; the OCC, on the whole op risk enchilada

Division of dollars

A long-simmering debate in the clearing world on who should swallow losses that have nothing to do with defaults received a jolt as two US clearers proposed ways of divvying up part of those costs among their members.

On August 21, Options Clearing Corporation (OCC) filed for a rule change that would distribute part of operational losses – cyber, fraud, theft and others – to its members. The very next day, Ice Clear Credit (ICC) went in a completely different direction: it filed to have its

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

If you already have an account, please sign in here.

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: