GILLIAN TETT: Banks are right to say that clearing houses are ripe for reform
Financial giants call for changes in central counterparty clearing groups
Big banks do not usually gang up to demand more financial regulation, least of all with asset managers in tow. But this week some Wall Street banks are doing precisely that — albeit not in relation to their own operations, but to the clearing platform where they settle trades.
On Thursday nine financial giants — Allianz, BlackRock, Citi, Goldman Sachs, Société Générale, JPMorgan, State Street, T Rowe Price and Vanguard — released a joint statement calling for the reform of central counterparty clearing groups (CCPs).