CCPs added $20.8 billion to their liquidity buffers in the third quarter of 2018
$774 trillion of notionals compressed, up from $609 trillion in 2017
CCP's clearing members incurred 49 margin breaches as of end-September
In total, 55 margin breaches reported at end-September 2018
Non-interest rate futures and options default fund reduces by $3.7 billion
Proposals follow criticism that current regime favours top provider TriOptima
Growing institutional adoption of exchange-traded funds (ETFs) has been an undeniable trend over the past few years. In this article, Hong Kong Exchanges and Clearing (HKEX) explains why institutions are increasingly using ETFs to gain targeted exposure,…
This paper studies the effect of less procyclical margin models on cleared volumes and risk taking in a stylized CCP.
The centrally cleared interest rate derivatives market: how are clients changing the risk perspective?
This paper analyzes counterparty relationships within both direct (house) and client clearing in the interest rate derivatives market in the European Union.
CCP touts method for speeding up manual settlement process as rival Ice gears up for options launch
JGB turmoil, heightened activity may have caught clearing members off-balance
Switch to stress-testing based approach triggers drop in required default resources
Statutory instruments throw up unwieldy divergence in Mifid II and Emir rules
Risk Awards 2019: Clearer moved early to ramp up default resources and counter threat of February volatility spike
Risk Awards 2019: CCP’s incentive scheme takes on LCH to capitalise on Brexit uncertainty
Delays to Emir review raise fears that UK schemes may lose exemption
Efforts to prevent ‘margin spiral’ during stress could encourage more risk-taking, paper argues
Potential EC, French and German no-deal relief is expected to be short-lived and incomplete
CCP shutters plan after feedback from regulators and market participants
In this paper, the authors compare the data from three major clearing houses concerning tail losses and member concentration.
Roland Chai says defaults more likely as global instability increases; CCPs should focus on auction processes
Risk Awards 2019: European clearing clients found a champion in the US dealer
CCP aims for Q1 2019 roll-out of new Monte Carlo-based methodology as it plans launch of index swaptions