Clearing members
UBS swaps funds spike 77% in August
Futures commission merchant reports highest customer funds since Credit Suisse takeover
CCIL leads CCPs with record margin calls
ECC calls most margin in five years ahead of first emissions auction
Liquidity risk spikes at Eurex, JSCC, NSCC
New highs for stressed payment obligations set at three CCPs
JSCC faces pushback on plans to merge futures default funds
Members say commodities products should be kept fully segregated because of different risk profile
CME aims to offer client UST cross-margining internally in 2027
CCP has filed initial proposal with SEC; wants to offer more products than joint FICC programme
FCMs back CFTC proposal granting opt-out from CME oversight
New rules aim to address conflicts of interests at vertically integrated exchange groups
Have CCPs got better at absorbing shocks?
Data suggests most CCPs weathered the Iran-war disruption, but shock frequency is starting to bite
US Basel III will provide reprieve for clearing, but no release
Worst excesses of original endgame proposal avoided, but increased capacity still seen as unlikely
Clearing members want more from HKEX on collateral rates
The CCP has cut handling fees on posted margin, but is still paying members less than global peers
CCP liquidity risk measures hit highs in Q1
LCH, HKEX, JSCC and OCC set payment obligation records
CFTC backs clearing exemption for risk reduction runs
CCP sources concerned about switch to bilateral trades, as other regulators also soften rules
OCC default fund plans expose rift between clearers
Retail brokers – but not Robinhood – oppose new allocation of default fund contributions amid options surge
Iran war drives record CCP margin calls
NSCC, CCIL and CME among clearing houses reporting peak VM and IM calls in Q1
Clearing banks pick holes in VAR-based CCP margin models
New models ease cliff effects, but banks say they are less predictable and prone to undershooting
We won’t copy UST clearing mandate wholesale in UK – BoE
Senior official also indicates that any minimum repo haircuts will likely be calculated at portfolio level
Clearers face heavy lift on CME-FICC cross-margin service
Dual registration and regulation plus uncertainty over close-outs all weigh on client offering
Banks fear US cross-product capital relief will fall short
Proposal to treat repo as futures for SA-CCR may not do enough to support UST clearing mandate
IM concentration at CCPs hits multi-year high in Q4
Median tops 52% for first time since 2021 as average reaches record
Asian banks close out energy clients as Iran war bites
Firms with short jet fuel positions faced losses up to $100 million as initial margin soared 566%
Mizuho leads FCM customer fund surge after Iran war
F&O balances jump 51% at Japanese dealer as industry hits fresh heights
Metal rally lifts LME stress losses to record levels
Stress losses and liquidity obligations hit records in Q4