CCP interoperability drive poses margin challenges

Chicago Fed researchers point to problems around issue of concentration margin

World of connected CCPs comes with tricky questions on margin, say researchers

A European Union drive towards interoperability for derivatives central counterparties (CCPs) raises insurmountable problems for margin requirements, according to two researchers from the Federal Reserve Bank of Chicago.

In a paper that is forthcoming in the Journal of Financial Market Infrastructures, a Risk Journal, senior policy adviser John McPartland and researcher Rebecca Lewis argue there is no fair and equitable way to govern the posting of concentration margin between CCPs.

“It is

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