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Trade exposures with CCPs - CRR Provision: Difference between revisions
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Trade exposures with CCPs - CRR Provision (view source)
Revision as of 12:14, 4 June 2018
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Respectfully, it is submitted, it would not: | Respectfully, it is submitted, it would not: | ||
It is clear in {{crrprov|306(1)(c)}} that the {{crrprov|CCP}} must have defaulted under the transaction (i.e., more than being generally “in default” in the abstract, in the sense of being “insolvent”). Of course, a {{crrprov|CCP}}’s {{tag| | It is clear in {{crrprov|306(1)(c)}} that the {{crrprov|CCP}} must have defaulted under the transaction (i.e., more than being generally “in default” in the abstract, in the sense of being “insolvent”). Of course, a {{crrprov|CCP}}’s {{tag|insolvency}} would come into play if it ''led'' to a [[default]] (which ordinarily it would, unless the {{tag|contract}} had already been breached by the [[clearing member]], in a way that, of itself, brought about the {{crrprov|CCP}}’s insolvency!) | ||
It ought to be safe to say any [[negligence]] (whether or not [[Gross negligence|gross]]), [[wilful default]] or [[fraud]] on behalf of the {{crrprov|clearing member}} in carrying out its obligations under the transaction with the {{crrprov|CCP}} would, [[QED]], be a default under that transaction by the clearing member: (any action it was ''entitled'' to take under the trasnaction, could hardly be “negligent” as far as the CCP was concerned). | It ought to be safe to say any [[negligence]] (whether or not [[Gross negligence|gross]]), [[wilful default]] or [[fraud]] on behalf of the {{crrprov|clearing member}} in carrying out its obligations under the transaction with the {{crrprov|CCP}} would, [[QED]], be a default under that transaction by the clearing member: (any action it was ''entitled'' to take under the trasnaction, could hardly be “negligent” as far as the CCP was concerned). | ||