JSCC, ASX see hypothetical stress loss breaches in Q1

Single-member default in worst-case scenario would have exceeded available resources

The Japan Securities Clearing Corporation (JSCC) and the Australian Securities Exchange (ASX) both had a day in the first quarter when the hypothetical default of a single clearing member in a stress scenario would have overwhelmed their default funds.

The JSCC’s stressed breach occurred at its ETP cash securities division, where the estimated stress loss exceeded pre-funded default resources by ¥3.6 billion ($23.1 million), the largest such excess on record at the clearing service.


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