LCH.Clearnet has restructured part of its fixed-income clearing business, which will result in members taking on more liability in the event of a major default. The move is part of chief executive Ian Axe's push to bolster risk management at the company ahead of new rules which are set to make clearing houses more systemically important institutions.

LCH.Clearnet announced yesterday that members of RepoClear, its service for clearing cash bond and repo trades, had agreed to take on liability for additional losses in the event that a major default burns through the existing pool of capital protection within that part of the business.