NSCC suffers record $7bn liquidity shortfall
Index rebalancing in December drives CCP’s largest-ever simulated funding gap
The National Securities Clearing Corporation (NSCC) reported two simulated liquidity shortfalls in the fourth quarter of 2024, including one of $7.1 billion – its largest on record.
The shortfall represents the gap between the central counterparty’s (CCP) qualifying liquid resources (QLRs) and the payment obligation triggered by the hypothetical default of any single clearing participant and its affiliates under extreme but plausible market conditions.
The CCP chalked up a second liquidity
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