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March 7, 2014

Beware Your Position in the CCP Default Waterfall

Members of the Korean Exchange surprised by the order in which a broker default was funded

Jeremy Grant has a story from Asia on a small default by a broker at KRX, which surprised members by being funded using non-defaulting member funds, rather than CCP assets as is usually expected.  Full story on how this is causing a re-examination of CCPs default waterfall over at the FT (subs)


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