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ARTICLE · 15 AUGUST 2019

Trade Associations Comment On CCP Default Management Auctions

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Several trade associations provided feedback on key areas of central counterparty ("CCP") default management auctions.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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Several trade associations provided feedback on key areas of central counterparty ("CCP") default management auctions. The comments were in response to a discussion paper issued by the Committee on Payments and Market Infrastructures ("CPMI") and IOSCO.

As described in the paper, a CCP may use a default management auction to "transfer a defaulting participant's positions or subset thereof to a non-defaulting participant." CPMI and IOSCO requested feedback on five issues raised by default management auctions:

  • roles and responsibilities in default management auctions;
  • considerations for a successful default management auction;
  • operational considerations;
  • client participation; and

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