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A&O Memorandum on CCP Equity and No-Creditor-Worse-Off

Infrastructure
Clearing July 30, 2020
< 1  min.read

Whether CCP equity should and can be used as a loss bearing resource in resolution is subject of extensive discussions, including the FSB consultative document Guidance on financial resources to support CCP resolution and on the treatment of CCP equity in resolution. ISDA has asked Allen & Overy to produce a memorandum to consider the type and nature of loss to which the equity of EEA central counterparties might be exposed on a CCP resolution based upon the proposed CCP recovery and resolution regulation  under the Council compromise text and in particular, whether CCP equity would naturally be expected to be written down whenever a resolution occurs.

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