The clearing challenge


For years, clearing houses have played a vital role in spreading the risk in derivatives trading in the energy markets. Their simple risk-management technique of lowering or raising margin deposits in line with volatility has been an effective enough strategy so far, and there have been no disasters that have overwhelmed these margins or given rise to significant calls upon a clearing house’s capital base.

However, the recent growth in over-the-counter (OTC) trade, much of it driven

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