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.
MarkitServ updates novation process after two-month delay
Middleware provider MarkitServ now in line with industry standard - two months after initially planned and more than three months after rival Ice Link.
Basel Committee considers capital charges on CCP default fund exposures
Basel Committee considers capital charges on CCP default fund exposures
CCP turf war simmers as OTC regulations head to the European Parliament
CCP turf war simmers as OTC regs head to European Parliament
Forex markets hope for CCP exemption
All settled?
Technology
Special report
Review of 2010
Crisis? Oh, that crisis...
Middleware key to clearing success
The ware-rich project
CFTC heeds buy-side demands for increased margin protection
The price you pay
CFTC commisioners express misgivings over Dodd-Frank rule-making
Senior regulators reveal "concern" over segregation of margin and swap data repositories
Market endorses 'elegant' CFTC proposal on margin
Legally segregated/operationally commingled approach to margin segregation attracts praise from buy- and sell-side.
Asia Risk Congress 2010: Asian banks prepare for national clearing houses
Several Asian nations could compel their banks to clear swaps in-country - others seek to join foreign CCPs on special terms
CCP interoperability challenges in Asia
Clearing confusion
Concern over scarcity of high-quality assets forces CCPs to broaden eligible collateral
Ice Clear Europe accepts gold for margin, while LCH.Clearnet is also working on extending eligible collateral
Quant Congress Europe: Basel III CVA charge political, says Swiss regulator
Finma official hits back at industry criticisms of counterparty risk charge, but concedes political pressure to hurt OTC market is undeniable
Risk USA: Futures clearing model not secure, says Prager
Futures clearing model less secure for over-the-counter derivatives than bilateral trading, says BlackRock trading head
Dealer concern over proposed change to client margin segregation
Ice Trust estimates it might have to increase initial margin by 63% to cover risk.
Risk USA: Basel Committee considers capital charges on bank exposures to CCP default funds
A new capital charge on bank exposures to CCP default funds could be introduced in December, says Osfi's White.
Regulators review margin rates for CDS
Market analysis: CDS margining
Are there enough liquid assets to satisfy regulations?
Grease is the word
Sponsored statement: Eurex Clearing
Eurex Clearing offers more ways to rein-in risk
Pension funds worried about CCP margin
Margin hunters
Fixing UBS’s risk management problems
Lofts' conversion
Cash variation margin requirements worry pension funds
Having to post cash as variation margin to central counterparties (CCPs) will cause substantial yield losses for pension funds that conduct liability-driven investment (LDI) strategies, according to fund managers.
Homogeneous regulations could contribute to risk, says former Brazil central bank chief
Arminio Fraga warns about the use of globally standardised methodologies for regulatory capital, as well as the dangers of multiple central counterparties