Risk Quantum/Ice Clear Europe
Top 10 CCPs plump liquidity buffers by $20 billion
Increase driven by higher secured deposits at commercial banks and expansion of credit lines
CCPs build their liquidity buffers
$26 billion increase in deposits entrusted to commercial banks
Ice Clear Europe had a top margin breach of $91 million in Q1
A total nine breaches are reported, averaging $14 million
CDS market structure transformed – BIS
Inter-dealer trades have retreated as CCP dominance grows
CCPs incur fewer margin breaches in 2017
LCH Ltd reports 399 fewer breaches than in 2016; DTCC 156
Liquidity resources vary across CCPs
Eurex, Ice Clear Credit, LCH SA most dependent on cash deposited at central banks