Concentration risk ticks up at large CCPs

Top five clearing members accounted for almost half IM and open positions in Q3

A small proportion of central counterparty (CCP) clearing members were responsible for about half of outstanding open positions and initial margin (IM) in the third quarter of 2023, with requirements in particular growing more concentrated compared to the same time a year earlier, Risk Quantum analysis of 16 CCPs has found.

The median clearing service’s five largest members were responsible for an average of 49.3% of its initial margin in Q3, up 2.7 percentage points from 12 months prior. The

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