CLEARED TERM DBV PROJECT GATHERS PACE

The Cleared Term DBV Sub Group has made good progress over the summer months. Importantly, the market has agreed the basis of a good market practice document which has the full support of the London Money Market Association. The question of how to deal with possible fails has been an important issue for gilt repo dealers who were keen to ensure that there was no disruption from the outset.

Significant progress has been made by both Euroclear and LCH.Clearnet in developing the changes that are required to systems and participating banks have been fully engaged, from front office to operations and settlements. The Sub Group’s next meeting in late October will be an important one in terms of further decisions re timing and technical releases and ratification of the Good Market Practice document.

 

 

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