Risk 25 firms of the future: NYPC

One pot, three CCPs

Tom Callahan, NYSE Liffe US

When applying for regulatory approval at the end of 2010, New York Portfolio Clearing (NYPC) pitched the centrepiece of its strategy – a cross-entity, portfolio-margining capability – as a way to inject competition into the US interest rate futures market and end the dominance of CME Group.

Some said NYPC was the pot calling the kettle black, claiming the new venture would actually be a way for one of NYPC’s co-owners – the Depository Trust & Clearing Corporation (DTCC) – to extend its own

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