UniCredit's Mustier ‘frightened’ by CCP capital levels

Clearing members pressure CCPs to put more of their own money at stake

photo of jean pierre mustier at unicredit
Jean Pierre Mustier, UniCredit

UniCredit's head of corporate and investment banking is "frightened" by the low capital levels at central counterparties (CCPs) such as Eurex and LCH.Clearnet and has suggested that users should either provide unlimited contingent funding for CCPs or that clearing should not be run for profit at all.

"We are moving from interdependence of banks in terms of derivatives that are traded between banks, which have €1.6 trillion of capital, towards concentrating all the derivatives exposure in CCPs

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