The Japan Securities Clearing Corporation (JSCC) put its troubles calculating clearing member initial margin for interest rate swaps (IRSs) behind it in 2017, reporting zero breaches over the past 12 months.
This is in stark contrast to 2016, during which time the clearing giant reported 19 separate occasions when the margin coverage held against an IRS member account fell below the actual mark-to-market exposure of that account.
JSCC achieved a 100% initial margin coverage ratio across its
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