Central clearing and exchange trading of OTC derivatives is a concept so dear to regulators’ hearts that it has become something of a mantra for them – particularly since the demise of Lehman Brothers and the counterparty risks that were brutally revealed by that event. So when Patrick Pearson, head of financial markets infrastructure at the European Commission’s DG Markt unit, stood up to address an ABS conference in London on June 15 his words took some in the audience by surprise.
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