CME’s European CCP to lower rates default fund burden
Firm hopes move will entice smaller players to join rates clearing service
CME Group is halving the minimum default fund requirement for firms clearing interest rate swaps at its European clearing house, CME Clearing Europe – a move it hopes will bring in additional users to the service, which has yet to gain significant market share.
The central counterparty (CCP) submitted a rule amendment to the US Commodity Futures Trading Commission on February 7 outlining details of the change, which will see the minimum contribution to its rates default fund fall to €5 million
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