As FCMs dwindle, regulators fear systemic risk

Panellists highlight dangers of clearing membership becoming more concentrated

FCMs and risk montage

Regulators and clearing experts fear the risks from a dwindling group of large banks providing access to central counterparties, a conference in Madrid has heard. Panellists warned that clearing members, referred to as futures commissions merchants (FCMs) in the US, may not take on the portfolios of those in default, and will make it harder for less lucrative clients to find access to clearing.

“When we see the [number of] FCMs being reduced, there will be a concentration risk,” said Pui Hoon Loh

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