The European Market Infrastructure Regulation text contains a clause that appears to require central counterparties to accept certain liquid assets, such as gold and high-quality corporate bonds, as collateral. Clearinghouses are voicing concern about the clause, saying collateral must meet their risk-management standards. "A CCP should not be forced to accept collateral that does not fit with its risk-management regime," said Marcus Zickwolff, head of system design at Eurex Clearing.

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