Move could open the door to single-name clearing mandate, say experts
Equity moves in February exceeded margin posted against some cleared products
Push to expand oversight of US CCPs is “clear breach” of 2016 equivalence deal, Quintenz says
Amir Khwaja of Clarus FT considers how initial margin, variation margin and default fund contributions can quickly add up
Risk chief sets about bolstering CCIL’s risk modelling, lookback periods, and portfolio compression
Support in Council and Parliament suggests leverage ratio, NSFR exemptions will be in final text
Central bank hopes plan to preserve access for EU CCPs will be reciprocated
This paper investigates how financial market participants respond to risk mutualization implemented by a CCP using assessments after a large credit loss.
FMIC 2 special issue introduction: a policy view on developments in the field of financial market infrastructures
This introductory article positions these papers and speeches within the context of the wider conference proceedings of the Financial Market Infrastructure Conference II: New Thinking in a New Era, including insights from the panel sessions and…
The paper is the text of a keynote address by Marc Bayle de Jessé presented at the conference.
There are only a handful of products where clearing volumes are evenly split between rivals
This paper examines the impact of market structure and payment assumptions on the fragility of various networks.
This paper describes the current policy for recovery and resolution of CCPs and assesses the tool kit for resolution of them.
Bilateral trading costs bite but dealers lukewarm on both firms’ plans for forex options clearing
Small increases to stress-test scenarios would have left Ice Clear Europe “in material breach”
Clearing helps Japanese bank branch out into US single names
Chicago Fed paper calls for contributions before members’ capital is tapped and after it is depleted
No explicit ban in parliamentary text; banks say method could spark exodus from stricken CCPs
Move will facilitate index arbitrage trades and put CDSClear one step ahead of rival Ice, note FCMs
Hübner says adaptation period may follow decision to deny recognition to non-EU clearing house
Difference between pay-fixed yen swap rates at LCH and JSCC neared 16bp before falling 30% last week
Estimates show portfolio would generate 250% more capital in worst-case version of new margining treatment
Central clearing has had a beneficial effect on the over‑the‑counter derivatives market, but for some products the road to a cleared model has not been smooth. Capital, operational and margin costs of the non-cleared market have increased, while…