Fast-expanding clearing houses on both sides of the Atlantic are posing a growing risk to the stability of the financial system, some of the world’s top bankers have warned.
Concerns have mounted as clearing houses have shot to the top of banks’ lists of counterparties, following the shift of previously over-the-counter trading to centralised clearing houses.
Clearers – such as LCH.Clearnet and Deutsche Börse’s Eurex in Europe, and CME Group in the US – sit between two parties in a trade and guarantee the deal if one of those parties defaults.
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