LCH.Clearnet may offer 'lite' membership to sovereigns
LONDON – Sovereign derivatives users that want to directly access central counterparties (CCPs) might be able to do so without shouldering the same responsibilities expected of other members – possibly including an exemption on the posting of initial margin –- under plans for a special membership category being discussed by London-based clearing house LCH.Clearnet.
However, rival clearers warn that the whole CCP model – which reduces counterparty exposure by mutualising risk – could be
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