BIS slams Nasdaq Clearing for risk management failures
One clearing member says it is giving notice to quit bourse, citing concerns over the concentration of risk on the venue
The Bank for International Settlements has issued a stern rebuke to Nasdaq, blasting the clearing house for risk management failures that led to a €114 million ($130.1 million) loss for clearing members earlier this year.
In a report published in its latest quarterly review, the watchdog makes unfavourable comparisons to central counterparties’ (CCPs) handling of the default of Lehman Brothers –
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