Top five clearing members dominate CCPs

At each of the top central counterparties, a mere handful of clearing members account for a huge chunk of posted initial margin (IM) and outstanding open positions. At some, the top five members make up a clear majority of both. 

Public disclosures detail the percentage of posted IM attributable to the top five largest members for each clearing service at a CCP. Of the 25 clearing services at the 10 CCPs analysed by Risk Quantum, IM concentration was highest at LCH SA’s €GCPlus, a clearing

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