ECB opinion on derivatives reform spurs debate on CCP liquidity resilience
European regulators have welcomed a European Central Bank (ECB) paper that favours giving central counterparties (CCPs) access to central bank funds in order to clear over-the-counter derivatives.
In an official opinion on the European Commission's (EC) proposed regulation on OTC derivatives, CCPs and trade repositories, dated January 13 and signed by ECB president Jean-Claude Trichet, the bank suggests a crucial change to article 10 of the proposed text, which rules CCPs must have access to
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