DTCC’s plan to unlock billions in margin and capital savings
T+1 settlement has already cut margin; now firm is working on OCC tie-up, among 10 efficiency projects
On April 9, the stock and bond clearing houses belonging to the Depository Trust & Clearing Corporation posted twin volume highs – the first time both venues had set new activity records on the same day.
But that wasn’t the most noteworthy thing about it. Ordinarily, when volume and volatility jump, so do margin calls – a procyclical effect that can pile pressure onto market participants and turn
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