BofE's Tucker: weak CCP recovery plans risk mayhem
Panellists at an EC conference in Brussels this morning warned CCPs have made little progress on detailed survival plans - leaving the system exposed
Until clearing houses develop detailed recovery and resolution plans (RRPs), the financial system runs the risk of a catastrophe that would rival the turmoil caused by large banking collapses, warned Paul Tucker, deputy governor of the Bank of England, during a panel discussion at a European Commission conference in Brussels this morning.
"This is a big gap in the international, regional and national architectures," said Tucker. "If you ask people what would happen when a central counterparties
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