After nickel-gate, Esma may seek data from more non-EU CCPs
Supervisor concerned lack of granular data on exposures could leave it flat-footed on LME-style risk events
European regulators might need a “more agile” supervisory framework to respond to localised blow-ups at smaller central counterparties outside the EU, the bloc’s chief supervisor for foreign clearing houses has said, in the wake of the extraordinary trading activity witnessed on the London Metal Exchange during March.
On March 8, the LME controversially decided to cancel all nickel contracts traded, as prices for LME nickel forwards doubled in the space of a morning to more than $100,000 a
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