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October 2008


Response to HM Treasury's consultation on amendments to Part 7 of the Companies Act 1989

We support the changes proposed in this consultation. We agree that the measures proposed to enhance and support central counterparty clearing, which is a key element of Part 7, are crucial for what is recognised as a vital element of market infrastructure; helping to guarantee transactions and produce efficiencies of risk management. We encourage Treasury to implement these changes as soon as possible, but we also make the point that Treasury's changes do not go far enough. Recent experience suggests that a fundamental review of default arrangements for the UK markets in all instruments is required.

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Hannah Gurga HMT 17 October 2008 (pdffile pdf - 329 KB)

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