US dealers wade into European CCP relocation debate
CFTC hearing warns of increased margining costs and a pre-Brexit client onboarding crunch
US market participants are stepping up their criticism of European plans to tighten the supervision of clearing in euro-denominated swaps, following a legislative proposal by the European Commission earlier in June that would give the European Central Bank greater decision-making powers on the location of central counterparties (CCPs).
A hearing of the Commodity Futures Trading Commission (CFTC) market risk advisory committee on June 21 was the venue for a litany of complaints about the
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