
Banks seek to pry open CCP black boxes
Clarity on model inputs may have averted Brexit chaos, FCMs claim

The market moves – and attendant margin calls – that followed the UK’s shock vote to leave the EU last June will live long in the memory for banks and buy-side firms in the derivatives markets. Clearing members claim a lack of transparency from clearing houses contributed to the funding stresses that followed, with banks left scrambling to meet cumulative intraday margin calls of up to $40 billion – which often had to be paid within an hour.
Since 2015, clearing houses have voluntarily
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