European Commodity Clearing (ECC)
Commodity CCPs buck trend with IM breaches in Q1
Precious metals and energy clearing units stand out, as most CCPs avoid breach surge despite Iran war turmoil
ECC risk chief says Iran crisis will not delay VAR transition
Incorporating 2022 Ukraine shock ensured new margin model is robust in face of energy volatility
Commodity exchange of the year: European Energy Exchange and European Commodity Clearing
Energy Risk Awards 2026: Exchange’s reliability and rapid innovation result in the liquid contracts needed in today’s energy markets
Clearing firms flummoxed by new margin models at CME, Ice
VAR-based portfolio margining is easier to manage, but harder to explain
Energy Risk Awards 2026: The winners
Award winners guide clients through multiple market shocks thanks to physical market presence and data & analytics prowess
IM concentration at CCPs hits multi-year high in Q4
Median tops 52% for first time since 2021 as average reaches record
In Iran war, VAR models ease cliff effect on Ice and CME margins
At 105%, EEX – using Span model – saw largest single-day jump compared with those CCPs
EU can handle energy price pressure – it’s been here before
Reforms made after Russia’s invasion of Ukraine have made region more resilient to energy shocks, officials say
CCP default funds 35% larger than on eve of pandemic
Sixteen out of 25 clearing services had bigger buffers heading into the recent tariff turmoil compared to Q4 2019
German emissions traders swell ECC membership
CCP’s bid for transparency leads to 165-member increase
Member contributions propel six default funds to new highs
Skin in the game unchanged at four CCPs amid $3bn rise in default resources
Six CCPs fail to cover concentration risk in Esma stress test
Largest shortfalls modelled in commodity derivatives segment, led by Ice Clear Europe ECC
People: Isda taps four new directors, O’Callaghan joins CA, Berlinski quits Goldman, and more
Latest job changes across the industry
Record rise in concentration at top CCPs leads to all-time high
Median top-five member open position concentration rises 2.4pp in Q4
Concentration risk ticks up at large CCPs
Top five clearing members accounted for almost half IM and open positions in Q3
Rule change cuts ECC default fund by over a third
Member contributions hit two-year low and may fall further
ECC default fund changes set to cut clearing member contributions
Stress loss over margin designed to ease procyclical behaviour seen during 2022 energy shock
The battle to stop energy markets boiling over
European CCPs and supervisors join call for changes to mitigate any repeat of last year’s crisis
Esma calls for enhanced disclosures in OTC energy markets
LME has already mandated more information on non-cleared positions to help foresee market shocks
Ice Clear Europe collateral spreads a ‘nightmare’, say banks
Risk.net spread analysis shows Ice pays little more than half the rate of other CCPs on cash margin