JSCC, ASX see hypothetical stress loss breaches in Q1
Single-member default in worst-case scenario would have exceeded available resources
The Japan Securities Clearing Corporation (JSCC) and the Australian Securities Exchange (ASX) both had a day in the first quarter when the hypothetical default of a single clearing member in a stress scenario would have overwhelmed their default funds.
The JSCC’s stressed breach occurred at its ETP cash securities division, where the estimated stress loss exceeded pre-funded default resources by
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