BoE on LME Clear: "Collectively, these reviews pointed to several shortcomings across LME Clear’s governance, management and risk management capabilities"

"In response, LME Clear will need to strengthen its governance arrangements, increase independence in management and governance at the CCP, and improve on its wider risk management."

"Bank intends to use its statutory powers under section 166 of the Financial Services and Markets Act 2000 to appoint a skilled person to independently monitor, assess and report to the Bank regularly on LME Clear’s implementation progress against remedial actions. The Bank will incorporate those reports into its supervisory strategy for LME Clear"

via BoE

03 Mar 2023 - 07:03- - Source: BoE