“Regulators want CCPs to survive and not have to terminate services, but this may be problematic as CCP rules may not permit the CCP to take the required action to allocate losses and, arguably, the imposition of such losses may be prohibited by EMIR which requires that clearing members must not be exposed to unlimited liabilities.”—Harry Eddis, partner at Linklaters in London, on the contradiction in the needs of clearinghouses, clearing members and regulators.
