

CCPs’ largest members account for half of initial margin
Clearing houses received over 50% of initial margin from their five largest members on average in the final quarter of 2017.
The analysis of 10 central counterparties (CCPs) by Risk Quantum shows a wide dispersion in initial margin concentrations. LCH SA’s GC Plus service, a clearing service for the tri-party repo market, has 10 clearing members, with the largest five accounting for 100% of initial margin. The credit default swap clearing service at Japan Securities Clearing Corporation (JSCC)
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