ESMA releases reaction to Nasdaq CCP blow-up
The European Securities and Markets Authority has published the outcome of its analysis and follow up actions on central clearing counterparties' membership criteria and due diligence in the wake of the 2018 default at Nasdaq Clearing.
In September 2018, one of Nasdaq Clearing’s members, Norwegian trader Einar Aas, found he no longer met the CCP's margin requirement after extreme movement in spreads in the Nordic and German power markets.In the aftermath of this incident, ESMA conducted a survey of the 16 authorised European Union ...
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