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Search resuls for: "LCH"


2 mentions found


☆ Frankfurt steps up efforts to shift euro clearing from London
  + stars: | 2022-11-01 | by ( Huw Jones | ) www.reuters.com   time to read: +3 min
LONDON, Nov 1 (Reuters) - Deutsche Boerse's (DB1Gn.DE) derivatives division stepped up efforts on Tuesday to attract a bigger slice of multi-trillion euro derivatives clearing from London to its base in Frankfurt ahead of anticipated European Union legislation. More than 600 clearing members and buy-side clients have been signed up by Eurex Clearing for swaps clearing, but many of the accounts are inactive. LSEG has repeatedly said there has been no material shift in volumes from London to Frankfurt, and some 75% of euro interest rate swaps are traded among non-EU counterparts in any case. Banks say privately that mandating a shift in euro clearing would hit EU banks most as they benefit from LCH's multi-currency pool, while Eurex focuses on the euro. Global banks say they can also shift clearing to U.S. clearers which have open ended permission from Brussels to serve customers in the EU.
☆ Bank of England says stress test shows UK counterparties 'resilient'
  + stars: | 2022-10-13 | by ( ) www.reuters.com   time to read: +1 min
LONDON, Oct 13 (Reuters) - The Bank of England said on Thursday that the central counterparties (CCPs) in Britain's financial system were "resilient" after publishing the conclusions of its first public stress test for ICE Clear Europe, LCH and LME Clear. "While the stress test was exploratory, with no pass-fail assessments, the results are evidence of the overall resilience of the UK CCPs," BoE Deputy Governor Jon Cunliffe said in a statement. Register now for FREE unlimited access to Reuters.com RegisterThe BoE said it checked whether the CCPs were resilient to a market stress scenario and to the simultaneous default of the two largest clearing member groups. The exercise started in October 2021 and was designed to be as severe as the worst historical market stress scenario experienced by each CCP up to that point. "We will engage these CCPs on our findings, which will help the Bank target its supervision and inform CCPs' approach to risk management," Cunliffe said.
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