CCP ‘skin in the game’ still dwarfed by member contributions

Even as markets churned in 2022, clearing houses coughed up only 2% of funds at end-September – the same as the previous year

Just 2.2% of central counterparty default resources consisted of CCPs’ own funds as of end-September, a Risk Quantum analysis has found – the same proportion as 12 months prior, despite the intervening volatility shift that swept the derivatives market.

Across nine CCPs and 22 clearing services spanning the European Union, Japan, the UK and the US, the meagre amounts left clearing members overwhelmingly on the hook should one of them fail to meet obligations.

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