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BoE official warns CCPs against risk and margin secrecy
Central counterparties' refusal to detail risk and margin models on the grounds of proprietary information cannot be justified, Edwin Schooling Latter, head of payments and infrastructure at the Bank of England, said at the OTC Derivatives Clearing Summit Europe. Citing the entry of small derivatives users, Schooling Latter said, "Not every client can be on the risk committee. Not every client can attend board discussions on segregation. So it is very important those that can't are able to benefit from full and appropriate disclosure by the CCP on how it is managing its risks."
Risk (subscription required) (07 Nov.)
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