Overnight heroes: central banks weigh loans for CCPs

Eurex and SGX can borrow from their central banks, while rivals have to rely on common-or-garden lenders


Clearing houses can be separated into haves and have-nots. The first group, which includes Eurex, LCH.Clearnet's French subsidiary, and Singapore Exchange (SGX), knows that in the event of a temporary, but large, cash shortfall, it can obtain emergency liquidity support from its central bank. The have-nots hope they could do the same, but their own central banks refuse to make a public commitment, and – in the eyes of some clients – that puts them at a disadvantage.

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Calibrating interest rate curves for a new era

Dmitry Pugachevsky, director of research at Quantifi, explores why building an accurate and robust interest rate curve has considerable implications for a broad range of financial operations – from setting benchmark rates to managing risk – and hinges on…

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