FCMs feared systemic incident during March back-office meltdown
Trade breaks following Covid-19 spike in futures volumes required massive clean-up job, says BofA exec
More collaboration between central counterparties (CCPs), vendors and buy-side firms is needed to prevent dangerous operational bottlenecks from developing in futures and options markets, say clearing members, after a massive spike in trading volumes in March due to coronavirus-induced volatility saw missed margin payments and trades being left on the books of the wrong clearing brokers.
Back-office systems buckled in the wake of a massive spike in volumes during March’s coronavirus rout
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