Kevin McPartland is justifiably flabbergasted:
“What is an LCH.Clearnet going to do, that’s almost completely dealer-owned?” said Kevin McPartland, a senior analyst with Tabb Group in New York. “I can’t see how they’d expect that kind of massive divestiture of these clearinghouses that control trillions of notional” in swaps trades, he said.
Ah, but Kevin, you just haven’t fully grasped Gensler’s grandiosity (see above CDS position limit power grab). The sorcerer’s apprentices are run amok, my friend.