Options Clearing Corporation (OCC)
OCC’s move to ‘Cover 2’ won’t cost members more, CRO says
New clearing fund methodology will shift cost burden to firms that take more tail risk
OCC swells liquidity after reinforcing clearing fund
Further changes expected following September clearing fund revamp
OCC stands by margin model as regulators investigate
As watchdogs probe Q1 breaches, CCP executives insist margin models worked as intended
People moves: Barclays names ‘digital’ leaders for markets, JP Morgan promotes Fernandes, and more
Latest job changes across the industry
CCPs build their liquidity buffers
$26 billion increase in deposits entrusted to commercial banks
OCC margin breaches spike in Q1
Peak exposure of $363 million in three months to March 31
Bitcoin futures growth could prompt bank ratings downgrades
Fitch, S&P, Moody’s contemplate impact of bitcoin futures on credit ratings
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
OCC’s Morrison on combating the cyber threat to clearing
Cyber security chief eyes analytics and machine learning to help anticipate – and defend against – breaches
CCPs hike spending on cyber defences
“The thing OCC spent the most incremental funding on in 2017 was improving cyber security,” says COO
DRW calls for physical settlement of bitcoin futures
Prop shop’s head of market structure says underlying spot exchanges are not transparent enough
Exchanges and FCMs clash over bitcoin clearing carve-out
Market participants say CME, CBOE should clear bitcoin futures separately
CFTC counsel warns of threat to clearing portability
Leverage ratio seen as biggest impediment to porting client positions
OCC seeks leverage ratio relief as liquidity shrinks
85% of CCP’s volumes now short contracts on 20 biggest names, claims risk chief
DTCC’s Bodson criticises ‘dumb-ass’ cyber risk rules
Requirement to recover from cyber attack within two hours unrealistic, he says
Clearers laud EC transition extension for non-EU CCPs
Absent the extension, OCC estimates extra $74 billion in RWAs for European members
OCC "pushing big time" for SEC-EU equivalence deal
Clearing house could lose up to 25% of its members without agreement
EU-US clearing deal ‘good enough’ to avoid CME exodus
Banks had planned to quit US clearer on February 21
EU members of US options CCP face $30bn capital hit
OCC fears approval will be held up by absence of SEC clearing rules
Op risk experts question banks' cyber strategy
"Stupid hurts just as much as malicious," says Mark Clancy at DTCC
BNY Mellon highlights dangers of unknown Sifis
Outsourcing and concentration could create inadvertent keystone companies