In asking members to vote on potential changes to its default fund, LCH Clearnet (LCH-C) has stirred a hornets' nest as FCMs have voiced concerns over the way the clearinghouse deals with its members and over the expense and delay of its systems integration.
Failure to garner sufficient member support forced the clearinghouse to withdraw the default fund proposal last week.
According to a senior executive at one member firm, LCH-C was looking to remove a £200m insurance fund which currently sits behind the default fund...