Clearing members cry foul over restrictive FICC rule change
Draft interpreted as an attempt to obstruct rival clearing houses entering the US Treasuries market
Members of the sole clearing house for US Treasuries are warning that a proposed rule change could obstruct its potential rivals from entering the market.
In its role as a self-regulatory organisation, the Fixed Income Clearing Corporation has already drafted a number of rule changes in recent months to implement the US Securities and Exchange Commission clearing mandate for Treasuries and Treasury repo, which was finalised last December. However, the latest proposal, published on June 12, has
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