LONDON - Global regulators have proposed tighter scrutiny of clearing houses handling trillions of dollars in derivatives trades after calls from banks for them to be better funded to withstand extreme stress.
Clearing transactions in the US$640 trillion over-the-counter derivatives market became mandatory after the 2007-09 financial crisis to make trading more transparent. Mandatory clearing has led to a swelling in clearing houses, with London Stock Exchange's LCH clearing a record US$402 trillion worth of interest rate derivatives in the first quarter.
Clearers have just gone through extreme market volatility and record volumes without a major hitch as investors sold off in response to the coronavirus pandemic. Markets face further stress as the pandemic is likely to trigger a global recession.
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