FOA calls for checks, balances to be part of vertical clearing models
17 Jul 2008
The Futures and Options Association has called on the UK’s Office of Fair Trading to implement “certain checks and balances” to prevent market abuse by exchanges that offer vertical clearing models.
The appeal was set-out in a letter sent by FOA chairman, Anthony Belchambers, in a letter to the OFT on July 7.
The note follows the approval granted by the UK government department for Intercontinental Exchange’s plan to switch clearing operations from the independent clearinghouse, LCH Clearnet, to a new internal operation, ICE Clear....
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