The challenge of re-setting precedents
In some ways he uses the FXMarketSpace argument to pitch CCPs, claiming that forcing trades through CCPs would theoretically create a level playing field for clients, providing them with more price transparency, and would not necessarily drive up costs for corporates.
However, the major banks insist they carefully explain credit charges and other costs in transactions to clients. Nor is it clear that moving trades onto CCPs would be less costly than banks charging for counterparty credit risk in
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