Holes in the netting: the limits of CME-FICC cross-margin deal
Big margin savings for some, but more needed to ease pressure of UST clearing mandate
It could be a shining example of co-ordination between the industry and regulators. As the US Securities and Exchange Commission announced its clearing mandate for US Treasuries and Treasury repo at the end of 2023, CME and the Fixed Income Clearing Corporation, a subsidiary of the Depository Trust and Clearing Corporation, were putting the final touches on the roll-out of expanded cross-margining for their clearing services. Mandatory clearing is expected to push up demand for margin across a
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