Clearing
Mixed motives threaten messy outcome in euro clearing row
Stability, oversight, Parisian ambition, repo haircuts: LCH is under attack from all sides
Dislocation policy: LCH exodus risks CCP basis blow-out
Questions about post-Brexit status of UK CCP could spark mass migration – and severe volatility
CCP stress testing gets real
Quants propose technique to generate effective, plausible CCP stress-testing scenarios
LCH users weigh early exit as fears grow of EU ban
Two CCPs report interest from LCH customers; banks expect first book transfers in early 2018
Repeal CEM; reform SA-CCR
Capital framework hurts clearing resilience, Citi execs argue
Cleared margin setting at selected central counterparties
In this paper, the authors address one aspect of CCP risk management: initial margining practices. The paper provides a historical review of margining at selected CCPs as well as an overview of their current margin policies.
Twin member default would hit up to 23 CCPs
New FSB analysis reveals interdependencies of clearing system
CCP margin backtests can hide flaws, research finds
In richer test, ‘filtered’ VAR beats five other measures
BoE warns of potential disruption to clearing business for EU firms
Fragmentation of market-based finance could raise costs and risk for EU and UK companies
Fed weighing VM capital cut for cleared swaps
Powell implies support for practice that saved UBS $300m in capital
LCH limits substitution to tackle quarterly collateral flight
CCP clamps down on bond-for-cash switches driven by reporting and quarter-end repo spikes
ECB requests powers to regulate CCPs
Brexit heightens concern over importance of central counterparties
US dealers wade into European CCP relocation debate
CFTC hearing warns of increased margining costs and a pre-Brexit client onboarding crunch
CME to pass on Ice CDS administration charges
Clearing house to hike CDS index trade fees from July after Ice’s determinations committee takeover
DTCC’s $74 billion liquidity charge riles members
Some firms may stop clearing US Treasury trades if the CCLF is implemented
US Treasury’s leverage fix tipped to boost repo market
US Treasury plan to exempt US government bond exposures expected to help struggling market
ECB and Esma would call shots on euro clearing
Proposals give central bank and regulator the power to bar biggest third-country CCPs
Is it $5bn or $77bn? Data enters the euro clearing row
Eurex set to challenge LCH estimates of clearing relocation costs
EU rules delay sparks fears over indirect clearing
CCP members must offer new arrangements for exchange-traded derivatives in January 2018
Jeff Bandman leaves CFTC for private sector role
Former acting director of clearing and risk led negotiations with EC over CCP equivalence
LCH set to launch repo client clearing service
Project will allow buy-side firms to access CCP through sponsor banks in coming months
FSB asks whether CCPs could become shock-transmitters
Isda AGM: New analysis – due next month – looks at clearing network risks
Banks win concessions in battle over CCP margin models
European Commission proposal would shine light on clearing house margin charges
Swaps market’s health seen as resting on sickly repo
Isda AGM: Panellists warn repo market is risky way to fund swaps margin