US clearers move to dole out losses besides default
ICC wants members to chip in on investment and custodial losses; the OCC, on the whole op risk enchilada
A long-simmering debate in the clearing world on who should swallow losses that have nothing to do with defaults received a jolt as two US clearers proposed ways of divvying up part of those costs among their members.
On August 21, Options Clearing Corporation (OCC) filed for a rule change that would distribute part of operational losses – cyber, fraud, theft and others – to its members. The very next day, Ice Clear Credit (ICC) went in a completely different direction: it filed to have its
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