CCP
WHAT IS THIS? A central counterparty (CCP) manages default risk by collecting initial and variation margin from both parties to a trade. Spill-over losses are absorbed via a default fund to which all members contribute – introducing a degree of mutualised risk – and by the CCP’s own capital. The concept is an old one that was extended to over-the-counter derivatives in the aftermath of the financial crisis.
Bank of England softens tone on CCP cross-product margining
Breeden supports margin efficiencies to encourage more repo clearing, but still warns on leverage
Eurex short-term rates volumes collapse on Iran volatility
Surging yields, options hedging activity and revamped incentive schemes drive record volumes at Ice
For Esma the supervisor, people power will be prime
Industry hopes to avoid people risk during transition, with help from national authorities
EU task force boss calls on NCAs to wield their powers to meet T+1
Europe’s disparity will add to command hub’s challenge to match US co-ordination feat, says Giovanni Sabatini
Crypto’s missing CROs
More than two-thirds of top crypto exchanges lack a chief risk officer, although the picture is changing
IM concentration at CCPs hits multi-year high in Q4
Median tops 52% for first time since 2021 as average reaches record
CDS notional tops $8trn as clearing spike hits records
Investment-grade trades drive biggest weekly rise since 2013
Responsible use of artificial intelligence in financial market infrastructures
The author investigates current and prospective role of AI in FMIs and develops a principled framework for the responsible use of AI based on the principles of explainability, data stewardship, governance and ethics.
LCH and ASX eye Australia repo clearing
CCPs in talks with dealers as bond boom fuels growing demand for financing
NeoClear enters battle for euro swaps clearing
Paris-based CCP to challenge Eurex and LCH with planned 2027 launch
Crypto for normies: EDX puts old twist on new asset class
Citadel-backed venue applies trad risk concepts to digital assets – now it’s trying to snag the banks
Metal rally lifts LME stress losses to record levels
Stress losses and liquidity obligations hit records in Q4
CCP default funds grew to record size ahead of Iran war
End-2025 figures show widespread increases in prefunded resources
EU can handle energy price pressure – it’s been here before
Reforms made after Russia’s invasion of Ukraine have made region more resilient to energy shocks, officials say
CME-FICC cross-netting terms fuel clashes
Hedge funds worried by CCP powers to suspend arrangement; clearing members say it’s standard practice
Iosco chief talks cyber, AI and clearing
Buenaventura discusses Iosco’s role in aiding market resilience and cross-border co-operation
Methodology change drives Eurex liquidity obligation to record
Limiting offsets to private-sector securities pushes estimated hypothetical obligation up 79%
Iosco chief sees no need for CCPs to hold more capital
CCPs have shown resilience in volatile times without extra skin-in-the-game, says Buenaventura
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
EU regulators clash over ceding supervision to Esma
Belgian and Spanish regulators differ on drive for centralised oversight of cross-border firms