No improvement in porting since Lehman, CCPs say
The collapse of MF Global last year saw clearing houses struggle to port client collateral to other firms - repeating problems seen after Lehman Brothers filed for bankruptcy in 2008
Collateral porting procedures in futures markets have barely improved in the four years since the collapse of Lehman Brothers, according to senior clearing house execs.
Speaking yesterday at a Futures Industry Association conference in New York, senior figures from central counterparties (CCPs) in both the US and Europe agreed a lot still has to be done to improve the management of customer collateral, especially following a member firm default.
"On September 15, 2008, we had to scramble to
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