ECC default fund changes set to cut clearing member contributions

Stress loss over margin designed to ease procyclical behaviour seen during 2022 energy shock

Gas pipeline

Clearing members are cheered by long-awaited changes to the methodology for calculating default fund contributions at European Commodity Clearing. Among four members who have spoken to, there is a hope the new approach will reduce the procyclicality of the requirements, while some believe it will result in a net reduction in contributions.

“We welcome the new methodology, no doubt,” says Franck Borgel, global head of commodities agency clearing at ECC member Societe Generale. “ECC does

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