Bypassing consent may aid CCP porting – report

CPMI-Iosco report says clearing houses cannot reasonably accommodate client preference; brokers favour rule book harmony

Consent

Clearing houses could more successfully transfer end-user derivatives positions from a defaulting clearing member to a healthy one if they dispense with the client consent process, a group of international regulators finds. Yet industry participants remain wary of the approach and instead call on central counterparties (CCPs) to harmonise their rule books.

A report published today (September 8) by the Bank for International Settlements’ Committee on Payments and Market Infrastructures and the

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