Clearing members
JP Morgan hoovers up $1.5bn of client margin in Q1
Total required client margin held by bank increases 13% quarter-on-quarter
Don’t fear the clearer
Wider use of CCPs not systemic threat – but participants do face hard-to-measure risks
Top CCPs add $79 billion to liquidity pool in 2018
Clearing houses placed more cash with commercial banks than in 2017
At Ice Clear Europe, 84 margin breaches in 2018
Clearing house posted just nine breaches in 2017
LCH SwapClear swells client list by 10%
Number of client accounts hits 21,220
CME had top margin breach of $138 million in 2018
Margin shortfall triggered by "extreme volatility" in natural gas markets
LCH ForexClear posts two margin breaches in Q4 2018
Second-largest breach since public disclosure began was $17.8 million in size
Eurex member faced jumbo VM call in Q4 2018
Third-largest actual same-day payment obligation is the biggest since 2016
DTCC members add $26bn to default funds in 2018
Clearing house's own contributions dipped $8.5 million last year
CCP risk panels aren’t listening, banks say
Simmering resentment surfaces as two banks insist committees be more responsive to clearing members
Clearing members inject $2.5bn to JSCC default funds in 2018
Higher contributions likely reflect increased exposures at the CCP
Nasdaq auction failure ignites anti-clearing backlash
CCP members wary of illiquid risks
Banks split over sending traders to default auctions
After Nasdaq auction failed, some see need for traders in process; others can’t afford to lose them
Regulators to scrutinise CCP default auctions
CPMI-Iosco preps discussion paper as banks warn further guidance needed after Nasdaq default
Margin or membership? Regulators react to Nasdaq default
Six supervisors – from Bafin to the MAS – downplay idea of mandatory increase in futures MPOR
Citi grows US swaps margin share in 2018
Citi remains the largest FCM, with a 27.5% share of total required client margin
Ice Clear Europe posts $1.2bn margin breach in Q3
In total, 55 margin breaches reported at end-September 2018
CME trims default fund in Q3
Non-interest rate futures and options default fund reduces by $3.7 billion
JSCC bond unit reports 26 margin breaches in Q3
JGB turmoil, heightened activity may have caught clearing members off-balance
OCC default fund drops $5bn under new approach
Switch to stress-testing based approach triggers drop in required default resources
Margin model revamp should top 2019 agenda for Asian CCPs
As rates rise and trade tensions grow, CCPs must be prepared for higher volatility
Clearing houses urge CFTC to act on non-default losses
US clearing members divided on whether NDLs are CCPs’ responsibility or a mutual risk
Lower margin can fuel procyclicality in CCPs – research
Efforts to prevent ‘margin spiral’ during stress could encourage more risk-taking, paper argues
CME abandons buy-side direct clearing initiative
CCP shutters plan after feedback from regulators and market participants