Australian CCP cannot delay margin application any further, says RBA
The Reserve Bank of Australia welcomed improvements in the Australian Security Exchange's (ASX) central counterparty (CCP) clearings in its 2011/12 assessment of clearing and settlement facilities, released today (October 4), but highlighted one area that has fallen behind schedule.
ASX Clear, one of the CCPs, has delayed the deadline for the introduction of routine margining of cash equities – a system designed to ensure the ‘defaulter pays' for any losses arising in the event of a clearing
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