JSCC caps member cash calls, revamps futures margin model
Clearing house set to end unlimited default fund top-ups for futures clearing
The Japan Securities Clearing Corporation (JSCC) plans to cap the amount its members must pay to replenish its guarantee fund in the event of a default by a clearing participant on its futures markets – addressing members’ long-standing complaints that unlimited liability presents an unquantifiable risk.
In tandem, the CCP is making a raft of changes to its margin model for futures and options clearing that will increase initial margin requirements and better balance the split between margins
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