Very good and clear as ever :) You never differentiate between clearing houses, CCPs and exchanges? Am I missing something or just your personal bias?
My thoughts on Archegos as it relates to exchanges & market structure: Thanks for reading!https://frontmonth.substack.com/p/the-archegos-supernova …
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When I say "exchanges", I'm referring generally to all of the above. CME for example is an exchange & a clearinghouse under one roof. In the case of Archegos, there was no exchange or clearinghouse hence massive leverage & losses OTC.
End of conversation
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