Margin
Can prediction markets pass the institutional sniff test?
Regulated firms need credible event determination methodologies and cross-product margining to enable use, say experts
Asian dealers may be more exposed than US in AI selloff scenario
Prime brokers face regional counterparty risk from huge flows in leveraged ETFs, say risk managers
CCIL leads CCPs with record margin calls
ECC calls most margin in five years ahead of first emissions auction
NSCC issues record $27.6bn margin call in Q2
Required IM hits all-time high as posted cash nearly doubles
Risk managers grapple with hazards and benefits of intraday repo
Expected increase in collateral velocity and re-use could also boost leverage and risk in markets
EU eases non-cleared margin rules for smaller players
New proposals aim to cut compliance and reporting requirements for phase five and six firms
Perps extend the menu to tempt TradFi diners
Expiry-less futures are spreading from bitcoin into gold, equities and FX. Institutions are watching, not buying
Rapid-fire repo raises hopes of cheaper, faster trading
Tokenised Treasuries piloted by DTCC could squash settlement cycles and enable 24/7 repo
A rookie’s guide to tokenised Treasuries
What are DTCC’s digital US government debt securities? How do tokenised repo and other transactions work? These questions, and others, answered
Perpetual futures: when expiry disappears, governance is key
Perps solve the futures roll problem, but run market-structure and regulatory risks, warns Vishal Gupta
Have CCPs got better at absorbing shocks?
Data suggests most CCPs weathered the Iran-war disruption, but shock frequency is starting to bite
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
Iran turmoil lifts CCP margin to new peak
Ice, JSCC and ECC among clearing houses posting sharp Q1 increases
China opens door to CGBs as initial margin
CCDC’s new rules expected to drive use of CGBs as collateral in non-cleared and cross-border trades
Integrated risk management software of the year: TS Imagine
TS Imagine’s integrated risk platform helps clients monitor exposures across markets, counterparties and asset classes amid increasingly complex trading environments
OCC default fund plans expose rift between clearers
Retail brokers – but not Robinhood – oppose new allocation of default fund contributions amid options surge
Chinese securities houses await margin clarity from CSRC
Firms still in the dark about how to exchange VM ahead of go-live in September
Commodity CCPs buck trend with IM breaches in Q1
Precious metals and energy clearing units stand out, as most CCPs avoid breach surge despite Iran war turmoil
Iran war drives record CCP margin calls
NSCC, CCIL and CME among clearing houses reporting peak VM and IM calls in Q1
Weekend staffing looms as 24/7 trading hurdle
Out-of-hours coverage was “not an easy task” for CME’s continuous crypto launch
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