Keep in mind that with that the ISDA fragmentation paper relies on SwapClear data that by LCH.Clearnet’s own admission can’t detect U.S. bank affiliates in the data. Hence, some of the “European” institutions may in fact be affiliates of U.S. banks, which could undermine the whole fragmentation story.
Keep in mind that with that the ISDA fragmentation paper relies on SwapClear data that by LCH.Clearnet’s own admission can’t detect U.S. bank affiliates in the data. Hence, some of the “European” institutions may in fact be affiliates of U.S. banks, which could undermine the whole fragmentation story.
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Keep in mind that with that the ISDA fragmentation paper relies on SwapClear data that by LCH.Clearnet’s own admission can’t detect U.S. bank affiliates in the data. Hence, some of the “European” institutions may in fact be affiliates of U.S. banks, which could undermine the whole fragmentation story.
Keep in mind that with that the ISDA fragmentation paper relies on SwapClear data that by LCH.Clearnet’s own admission can’t detect U.S. bank affiliates in the data. Hence, some of the “European” institutions may in fact be affiliates of U.S. banks, which could undermine the whole fragmentation story.