CCPs’ largest members account for almost half IM

Analysis of 30 clearing services shows wide dispersion in concentration risk – with LCH and JSCC leading the pack

A small number of clearing members held an outsized proportion of outstanding open positions and initial margin (IM) at the top central counterparties (CCPs) in Q3, analysis by Risk Quantum has found.

Data from the public disclosures of 30 clearing services across 10 CCPs shows the median clearing house having more than half of open positions and 46% of IM attributable to its five largest members.

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LCH SA’s €GCPlus, a clearing service for the tri-party repo market, reported the highest

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