Q&A: Iosco’s Medcraft on CCP stress testing
Regulators recently launched a fact-finding mission, peppering clearing houses with questions about how they manage risk. It’s not clear what happens next, says Greg Medcraft, chairman of the International Organization of Securities Commissions – but the ultimate goal is to ensure the new system has the market’s trust
In his 27 years as an investment banker, Greg Medcraft earned a reputation as a master dealmaker. Those abilities are being tested in his current role as chairman of the International Organization of Securities Commissions (Iosco), which has been jointly tasked with reviewing clearing house risk management practices and then, possibly, revising painstakingly agreed international principles.
The review kicked off at a behind-closed-doors meeting of CCPs, clearing members and end-users in
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