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April 26, 2012

Massive change at SwapClear – new Default Fund, Open Access

UPDATE (Friday 27th): I wrote a longer before/after comparison here.

  • Segregated Default Fund of between £1bn and £5bn
  • Requirement for an ‘A’ rating dropped
  • Requirement for a minimum $1trn portfolio size dropped
  • Minimum contribution to the Default Fund of £10m
Too much to read after a couple of glasses of wine – but big change in the competitive landscape for direct access to Central Clearing for OTC products.

Full details via LCH.Clearnet Group – Member Notices – Circulars – 2012-04-26 SwapClear Member Circular.


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