
Banks warn of trader crunch at CCP default auctions
Risk USA: dealers hope for more cross-CCP fire drills

Clearing houses need to more effectively co-ordinate default auction management between their peers and their members to avoid a looming resource crunch in the event of multiple defaults, banks have warned.
The default of a lone power trader on Nasdaq’s Nordic futures market last September, which saw the bourse botch the auction to sell off the defaulter’s portfolio, has set in motion a year-long debate over CCP default management, with banks, central counterparties and regulators all
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