Options Clearing Corporation (OCC)
OCC on the hook for $4bn if member defaults
Clearing house’s liquidity resources hit $7.9 billion in Q1
People moves: CRO role for SG’s Ricke, Barclays continues hiring spree, new SwapClear head, and more
Latest job changes across the industry
Top CCPs’ liquidity pools hardly grow in Q1
LCH SA the only outlier as most clearing houses see cash, collateral and credit on hand shrink
Don’t fear the clearer
Wider use of CCPs not systemic threat – but participants do face hard-to-measure risks
Top CCPs add $79 billion to liquidity pool in 2018
Clearing houses placed more cash with commercial banks than in 2017
OCC members' default fund payments drop 39% in 2018
Calculation switch shaves billions off mandatory contributions
People moves: SocGen adds in prime services, Deutsche fills new rates hole, HSBC makes model move, and more
Latest job changes across the industry
DTCC, Ice Clear Europe lead top CCPs in boosting liquidity buffers
CCPs added $20.8 billion to their liquidity buffers in the third quarter of 2018
OCC default fund drops $5bn under new approach
Switch to stress-testing based approach triggers drop in required default resources
Q&A: CFTC’s Quintenz talks bitcoin, Nasdaq breach, algo trading
On cryptocurrencies, commissioner worries about spot market, but has confidence in big futures exchanges
Risk.net podcast: OCC’s Fennell on Nasdaq breach, crypto and ‘skin in the game’
Clearing house is “seriously considering” contributing to own default waterfall
Top 10 CCPs plump liquidity buffers by $20 billion
Increase driven by higher secured deposits at commercial banks and expansion of credit lines
OCC default fund shrinks $3 billion
Change reflects CCP's model methodology and calmer markets in Q2
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