Twin member default would hit up to 23 CCPs

New FSB analysis reveals interdependencies of clearing system

CCPs and clearing members exist in core-periphery structure, FSB research shows

In a study of 26 clearing houses around the world, the Financial Stability Board (FSB) found the default of the top two clearing members at one venue could be accompanied by defaults at up to 23 other clearing houses – arguably the most alarming finding of a new study that reveals both strength and potential fragility in the global clearing system.

In addition to the central counterparties (CCPs), the FSB study also used data from 307 clearing members in 15 jurisdictions to build a unique

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