Exchanges and CCPs
Have CCPs got better at absorbing shocks?
Data suggests most CCPs weathered the Iran-war disruption, but shock frequency is starting to bite
Ice rates contracts leapfrog CME SOFR in June
Ice rates open interest hits $62.3trn as euro and sterling hedging demand climbs
Commodity CCPs buck trend with IM breaches in Q1
Precious metals and energy clearing units stand out, as most CCPs avoid breach surge despite Iran war turmoil
Iran war drives record CCP margin calls
NSCC, CCIL and CME among clearing houses reporting peak VM and IM calls in Q1
IM concentration at CCPs hits multi-year high in Q4
Median tops 52% for first time since 2021 as average reaches record
Metal rally lifts LME stress losses to record levels
Stress losses and liquidity obligations hit records in Q4
Eurex dividend futures volumes jump on Iran shock
Turnover triples as investors hedge dividend cuts risk
CCP default funds grew to record size ahead of Iran war
End-2025 figures show widespread increases in prefunded resources
Ice CDS volumes surge as investors hedge Iran shock
Single-name volumes outpace indexes as investors target specific risks
Oil clearing volumes surge at Ice, CME
Ice Europe nears Brent clearing record midway through March
Oil producers hedge rally with Brent shorts
Energy firms hedge oil spike as funds position for further gains
Methodology change drives Eurex liquidity obligation to record
Limiting offsets to private-sector securities pushes estimated hypothetical obligation up 79%
ForexClear stress losses surge as member concentration rises
Top five member share of IM jumps 9pp as stress losses hit six-year high
CME outages hit eight-year high in Q4
Operational failures totalling 8.5 hours most severe since 2017
BoE’s SSITG proposal could lead to $333m additional CCP capital
Plan would expand own-capital tranches deployed alongside member contributions at LCH, Ice and LME
LME hit hardest in BoE’s latest CCP stress test
Cover 2 liquidation scenario wipes out more than half of default fund
MBSD liquidity risk hits four-year high
Estimated largest payment obligation tops $40bn in Q3
Interest rate ETDs surge to second-highest level on record
Futures-led surge signals firmer views on rate direction
OCC’s initial margin spikes 27% in Q3
CCP hits new margin record for second consecutive quarter
European exchange-traded IR derivatives balloon in H1
New highs in F&Os mirror OTC derivatives growth in BIS survey
UK CCPs see gradual shift toward foreign clearing members
North America and Asia-Pacific clearing houses remain dominated by domestic members