Ex-Isda risk chief: ditch gross notional thresholds for clearing

10 years on, David Murphy says mandate should be rebased to exempt less risky firms

David Murphy
David Murphy, visiting professor at the London School of Economics and former head of risk at Isda

The decade-old swaps clearing mandate is not fit for purpose in an era when clearing is concentrated in the hands of a few central counterparties (CCPs) and mediated by only a handful of big banks, a prominent derivatives industry figure has claimed.

In forthcoming research, David Murphy, a visiting professor at the London School of Economics and former head of risk at the International Swaps and Derivatives Association, calls for the over-the-counter clearing mandate to be based on a firm’s

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