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U.S. Financial Stability Oversight Council: Designation of systemically important financial market utilities

( July 18, 2012, 22:01 GMT | Official Statement) -- MLex Summary: Eight clearinghouses and financial processing networks were designated systemically important financial market utilities (FMUs) by the Financial Stability Oversight Council in a unanimous vote. They include CHIPS, CLS Bank International, Chicago Mercantile Exchange, The Depository Trust Company, Fixed Income Clearing Corporation, ICE Clear Credit, National Securities Clearing Corporation and The Options Clearing. The firms will be subject to "heightened risk management standards," such as holding enough reserves to withstand the default of a major clearing member.Statement follows in full:...

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