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More work needed on clearinghouse access for bank clients, say CPMI, Iosco

( September 8, 2022, 09:02 GMT | Official Statement) -- MLex Summary: The financial services industry has been asked by two international standard-setters to improve transparency and disclosure on different client access models to clearinghouses, as well as their ability to transfer trades should their intermediary default. The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions said they were encouraging industry efforts in their discussion paper today, because improving access to client clearing is “critical” to the success of post-crisis reforms mandating the central clearing of certain derivatives. The client clearing process refers to firms that are either unable to — or choose not to — directly participate in a clearinghouse and rely on an intermediary to indirectly clear their trades. Statement follows. Discussion paper attached....

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