CCPs dismiss bank, buy-side criticisms

CME, Ice bat away suggestions of flaws in clearing house risk management

CME Group, Chicago

A whitepaper – co-signed by nine banks and large asset managers, including JP Morgan, Citi and BlackRock – on reforming central counterparties (CCPs) “lacked credibility” and was “poorly written”, according to clearing house chiefs.

Speaking at a Futures Industry Association conference on October 30, CME chief executive Terry Duffy shrugged off disapproval of how his Chicago-based CCP and others manage risk, saying that many of the criticisms in the paper were “five or seven years old” and were

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