Central bank hopes plan to preserve access for EU CCPs will be reciprocated
This paper investigates how financial market participants respond to risk mutualization implemented by a CCP using assessments after a large credit loss.
FMIC 2 special issue introduction: a policy view on developments in the field of financial market infrastructures
This introductory article positions these papers and speeches within the context of the wider conference proceedings of the Financial Market Infrastructure Conference II: New Thinking in a New Era, including insights from the panel sessions and…
The paper is the text of a keynote address by Marc Bayle de Jessé presented at the conference.
This paper examines the impact of market structure and payment assumptions on the fragility of various networks.
This paper describes the current policy for recovery and resolution of CCPs and assesses the tool kit for resolution of them.
Bilateral trading costs bite but dealers lukewarm on both firms’ plans for forex options clearing
Small increases to stress-test scenarios would have left Ice Clear Europe “in material breach”
Chicago Fed paper calls for contributions before members’ capital is tapped and after it is depleted
No explicit ban in parliamentary text; banks say method could spark exodus from stricken CCPs
Hübner says adaptation period may follow decision to deny recognition to non-EU clearing house
Difference between pay-fixed yen swap rates at LCH and JSCC neared 16bp before falling 30% last week
Estimates show portfolio would generate 250% more capital in worst-case version of new margining treatment
Central clearing has had a beneficial effect on the over‑the‑counter derivatives market, but for some products the road to a cleared model has not been smooth. Capital, operational and margin costs of the non-cleared market have increased, while…
Resurgent bilateral market a headwind for services at Eurex and LCH
Big dealers revealed as first bank clients of swaps start-up truePTS days after legal settlement
New appointee replaces John Horkan, promoted to group COO last month
Revised fee structure could prompt more firms to participate in clearing
First three quarters show strong growth in interest rate swaps, forex NDFs and index CDSs
Proposal faced opposition from smaller broker-dealer members of US Treasuries CCP
Bail-in capital would help avoid contagion, says JPMorgan Chase's Ashley Bacon, in an interview with Risk.net
Advances by vendors and increased competition set to unlock more trades for tear-ups
EU regulatory inexperience causes problems for CFTC chairman
Risk and default management of grandfathered portfolios required in any clearing relocation plan