EU sets out new rules for handling clearing house failures
All clearing houses for securities trading in the European Union will be required to comply with new rules aimed at managing their financial collapse in a way which does not jeopardise the smooth working of markets, a draft EU law seen by Reuters showed on Tuesday.
Clearing houses or central counterparties (CCPs) stand between two sides of a transaction, ensuring its completion even if one side goes bust. Their usage is set to expand sharply in the coming years as regulators make central clearing compulsory for over-the-counter trades in financial derivatives such as interest rate swaps.... read more
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