FICC to launch new default fund before UST repo clearing mandate
Clearing members expected to welcome FICC’s plans to separate loss mutualisation from margin
The Fixed Income Clearing Corporation is now actively considering the separation of initial margin and default fund contributions received from its members. The central counterparty (CCP), which is currently the only one to offer clearing of US Treasury cash and repo trades, hopes to complete the separation process before the Securities and Exchange Commission (SEC) clearing mandate takes effect
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