New FICC clearing model still holds fears for buy side

Sponsored access with margin segregation hasn’t reassured firms about loss mutualisation


Changes to the rule book at the only US clearing house for Treasuries and Treasury repo may not go far enough to reassure end-clients who fear their funds might be used to cover losses incurred by other firms.

“My concern is that even though it is not intended to be included in any loss mutualisation, somehow – through some type of systems issue or miscalculation – client margin could be included in loss mutualisation,” says an executive at a large asset manager.

In addition, sources warn the

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