Anyone knows what the current situation is regarding the clearing of OTC transactions? I remember when studying ST6 a few years ago that there were moves towards Central Counterparty Clearing Houses - CCP, but I don't know what the situation is currently in this regard. How do CCP differ from a normal clearing house?
Sorted, Mike Lewry provided a link to the FCA page on EMIA, http://www.acted.co.uk/forums/showthread.php?t=9758 The only outstanding question can a normal clearing house e,g LCH act as a CCP?
