Central clearing proved resilient in ‘dash for cash’ – BoE’s Segal-Knowles

Christina Segal-Knowles
Bank of England

UK central counterparties (CCPs) appear to have stood up well to the “dash for cash” that roiled markets in March 2020, the Bank of England’s Christina Segal-Knowles said on January 29.

The BoE executive director acknowledged there were no clearing defaults during the period, so CCPs were not “tested to the limit”. But UK CCPs “were able to provide clearing services without disruption”, she said. And they demonstrated that, despite the “record market moves”, they were able to maintain enough

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