European CCPs overhaul futures margin models

Some clearing houses are pushing up margin requirements to address procyclicality concerns - but no change is planned at CME or Eurex

Using indents and margins illustration

Margin requirements for many European futures and options contracts are being pushed higher by new rules designed to avoid procyclicality – the danger that soaring collateral calls will increase the pain during periods of market stress. Central counterparties (CCPs) including Ice Clear Europe, LCH.Clearnet and Nasdaq OMX Clearing have changed their margin models to comply with the rules, which are part of the European Market Infrastructure Regulation (Emir).

The effect has been felt most keenly

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