CCP resolution plans start to take shape
LCH.Clearnet's credit default swap (CDS) clearing service, CDSClear, has become the second central counterparty (CCP) to adopt a new loss-sharing practice – a last line of defence if one or more clearing members default and other financial resources have been exhausted. The mechanism is designed to allow a CCP to get back on an even keel before a decision is taken to either close it down or replenish its resources, and could become a key element in regulation on clearing house resolution.
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