BoE official signals tough stance on CCP skin in the game

Sir John Cunliffe — John Cunliffe, bank of England

Sharon Thiruchelvam
11 Nov 2022

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UK clearing houses will have to contribute additional pre-funded resources to their default waterfalls if lawmakers approve a proposed expansion of the resolution regime for central counterparties (CCPs), a senior regulator has said.

New legislation pending in the UK would require CCPs to produce resolution plans and provide another tranche of their own capital, known as skin in the game, to cover a defaulting member’s losses if other resources are insufficient.

“It will give us some extra

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