CCP
WHAT IS THIS? A central counterparty (CCP) manages default risk by collecting initial and variation margin from both parties to a trade. Spill-over losses are absorbed via a default fund to which all members contribute – introducing a degree of mutualised risk – and by the CCP’s own capital. The concept is an old one that was extended to over-the-counter derivatives in the aftermath of the financial crisis.
Call for user-owned utilities to lower central clearing cost
But monopoly or duopoly inefficient, BNY Mellon says
Clearing houses face privacy law concerns
US reporting requirements could force CCPs to break national privacy laws
The invisible incentives of clearing
Leverage ratio is making life difficult for clearing's gatekeepers
Leverage ratio threat to Eurodollar liquidity
Cost of benchmark contract will rise and liquidity will fall, clearers warn
CME fears futures clearing retreat
Leverage ratio could prompt FCMs to be more picky, warns CME's Sprague
CME and LCH.Clearnet prep buy-side repo clearing
New clearing services could offer cross-margining benefits
India commodity exchange fights single CCP proposal
NCDEX finds itself in conflict with government clearing house proposals
CCPs confront the difficult maths of default management
The next time a big dealer defaults, it will hit a host of swap clearing houses simultaneously
Law firm of the year: Linklaters
Risk Awards 2015: CoCos and Co-Op were big wins for UK firm
DBS risk chief calls for wider margining exemption for non-banks
Margining rules for uncleared derivatives will be a drain on liquidity
CFTC to simplify route for clearing houses to be exempt DCOs
US regulator will pursue a quicker route to exempt foreign CCPs
Ice hits out at LCH over capital resistance
CCPs shouldn't fight calls for extra capital, says Sprecher
Six open to acquisitions to expand outside Switzerland
Stock exchange group has “excess cash”, says group CEO
CFTC's Massad muddies waters in CCP oversight row
Dual registration – not deference – is "proper model" for supervision, says CFTC chair
New frontloading threshold stirs up MEPs
"Hard to see" how plans honour EC pledge to avoid harm, says Swinburne
GCSA Capital: the CCP underwriter
A consortium of 25 insurers is offering to cover CCP tail risk
CDS clearing – The looming mandate
Sponsored Q&A: LCH Clearnet
Risk Italia survey 2014: Regulation brings clearing to the fore
Derivatives activity in the Italian market at a relatively steady state – especially considering tough economic conditions
Rethinking investor protection in central clearing revolution
Automation and straight-through processing required to protect investors
CCP fire drills lack real-world punch, banks say
Cross-membership means current tests do not reflect a real default
"Europeans are the problem" in CCP oversight standoff
CME's Taylor claims approval for US regime is being unfairly delayed
Utility firms struggle to fend off Emir clearing
Exemptions and thresholds crucial to avoiding OTC clearing rules
Eurex CEO slams European clearing mandate delay
Global nature of OTC derivative markets calls for a synchronised approach
BoE researchers flag potential flaws in CCP default funds
Paper proposes refinements to 'cover two' standard