Uncertainty over open access for clearing members

The move to clear much of the over-the-counter derivatives market through central counterparties (CCPs) is a key part of new legislation in the US and Europe. But many regulators realise that by mandating central clearing, they are creating systemically important institutions that would cause a catastrophic failure of financial markets in the event of collapse. As a result, much work is being done to draw up stringent risk management standards for CCPs.

This may make a recent proposal by the US