Margin or membership? Regulators react to Nasdaq default

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Global clearing houses are regulated by a college of supervisors drawn from across the countries where the central counterparty’s (CCP) clients are based. So when a CCP is forced to draw down heavily from its members’ default fund after losses suffered by a single private trader, supervisors are likely to have something to say about it.

In September 2018, Nasdaq Clearing members were left nursing losses of €107 million ($122 million) when an independent commodity trader clearing his own account

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