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Risk Management: Exchanges, Trading and Clearing

Regulators considering plans to push more central clearing of all trades in US government bonds. Plus: European ETF trades remain off-exchange; bourses under pressure to open 24/7; crypto exchanges give rise to conflict disquiet

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Reform of US bond trading in balance
After the Covid turmoil, regulators are weighing a move to make the clearing of Treasuries mandatory
Crypto exchanges’ multiple roles raise conflict worries
Platforms that provide custody, lending and borrowing services — as well as trading — look more like brokers
Crypto trading puts pressure on bourses to open all hours
Ability to buy and sell digital assets 24/7 is driving calls for weekend trading of forex and shares
Investors question trading of ETFs off-exchange
In Europe, most transactions are over-the-counter, giving retail clients less control
Exchanges sign up to boost climate funding and disclosure
Bourses around the world seek a bigger role in helping companies to decarbonise
Trading venues need to spot immediate and emerging threats
Investment is essential in order to keep up with cyber attacks and competing technologies