LCH.Clearnet splits default fund
UK-based clearer gets member approval to break up default fund - part of a package of measures responding to CFTC limits on clearing house membership criteria
LCH.Clearnet will split its single default fund into two on May 7 as part of a revamp of its entry, membership and risk and default management criteria. The clearing house, which currently has a single mutualised default fund to cover its interest rate swaps, repo, equity and exchange-traded derivatives clearing services, and a separate default fund for ForexClear, its foreign exchange clearing service, is making the change in response to a US Commodity Futures Trading Commission (CFTC) rule
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