Promontory paper on CCPs and indemnification puts one question to bed while raising many tougher ones

In a follow on report from Promontory Financial Group sponsored by SL-x, the firm clarifies a position first stated in their earlier report on capital benefits and securities lending CCPs. The new report definitively answers a question about capital savings when agent lenders are providing counterparty default indemnification. But that’s just the opener for the real questions about agent lenders and CCPs.
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