LCH-C CEO bins intraday margining

LCH Clearnet (LCH-C)'s new chief executive Patrick Birley has announced that he is pulling the plug on the planned changes to the clearer's intraday margining system.

The Idris project had previously been scheduled for launch in May and would have introduced mandatory intraday margining for all members. However, Birley said, in a statement to members, that due to several false starts and other setbacks all work on it had been terminated. He added that no timetable could...