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.
