August 9, 2019 - The FIA Principal Traders Group issued a response to the client participation questions in the CPMI-IOSCO discussion paper on CCP default auctions. FIA PTG asserted among other things that:
participation in default auctions should not require clients to contribute to the CCP default fund;
FIA PTG does not believe there is any reason for clearing members other than the client's clearing member to approve a client's participation in a default auction; and
client participation will not necessarily lead to a greater risk of information leakage compared to clearing member participation.