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.
Fed, CFTC officials back standard stress tests for CCPs
Tarullo and Wetjen say regulators should set standards for CCPs
Regulators plan standard stress tests for CCPs
Stress testing a "priority topic" for CPMI-Iosco as it launches working group
BlackRock adds to clamour for more CCP capital
Firm's co-founder says oversight of clearing houses also must be tougher
CCPs criticise JP Morgan clearing white paper
CME, Eurex, LCH.Clearnet: no need for new loss funds or more CCP capital
LCH and CME have enough capital, says Isda's O'Connor
Isda chair's comments at odds with industry calls for bigger CCP capital cushions
Energy Risk Asia CCP of the Year: Singapore Exchange
CCP looks to deliver continuity in face of regulatory change
CCPs must get familiar with the C-factor
BCBS publishes new approach for calculating default fund margins
Barnier hints at longer pensions clearing exemption
EC internal markets head says clearing system not ready for pension funds
European banks stop clearing Korean won swaps at KRX
Fresh uncertainty over Esma's recognition of KRX's OTC clearing house
CCPs to get multiple recovery planning tools
ECB's Coeuré says regulators won't specify one approach
Peer-to-peer funding offers alternative finance source
CCP cleared P2P market option in place of prime brokers
South African proposals cause offshore clearing flap
Draft rules "could be reworded" concedes National Treasury
CCPs eager for first forex clearing mandate
CFTC proposal for NDF clearing could be published within weeks, CCPs say
Need to identify AIFs within fund structures for Emir
AIFMD implementation in jurisdictions is a key factor
Regional clearing houses push for third-country equivalence
China, India, Korea CCPs upgrade infrastructure to clear OTC derivatives
A bill of goods: central counterparties and systemic risk
Volume 2, Issue 4 (2014)
KRX adds 16 foreign branches for mandated won IRS clearing
KRX set to receive no-action relief from the CFTC later today
Default fund capital will halve under final rule, banks say
Clearing members welcome Basel's fifth – and final – version of charge
CCIL cleared forex forward volumes double following mandate
European banks start clearing in India despite no EU equivalency ruling
EC to snub US in first wave of CCP equivalence decisions
US will not be in first wave of five approvals for "most advanced" countries
Buy side hits out at CFTC's foreign CCP proposals
BlackRock, Citadel, Eaton Vance say CFTC plan would limit access to liquidity
Oesa: Europe little to learn from US clearing roll-out
US would have benefited from pragmatic European approach
EU regulators concerned by CFTC's foreign CCP rules
UK's FCA warns US plans may not pass European equivalence test
CFTC close to setting out DCO exempt pathway for foreign CCPs
US regulator poised to release alternative regime to DCO licence