Sellers grumble that better warranty fund funds may undermine the ‘defaulter pays’ precept of clearing
What clearing homes giveth with one hand, they taketh away with the opposite – or so banks are discovering. The shift to new margin fashions for futures and choices guarantees financial savings for some derivatives customers, however sellers are involved that better default fund funds may outweigh any such reductions.
These worries could also be justified. Contributions by massive sellers to the default funds of central counterparties (CCPs) swelled by a cumulative $14 billion within the first half of final yr.
Morgan Stanley’s
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