CCP default funds 35% larger than on eve of pandemic

Sixteen out of 25 clearing services had bigger buffers heading into the recent tariff turmoil compared to Q4 2019

Most top central counterparties (CCPs) entered 2025 with substantially increased default resources compared to the eve of the coronavirus pandemic, Risk Quantum analysis of the latest publicly available disclosures shows. Across 25 clearing services, total default funds were 35% larger at the end of 2024, providing a much-needed buffer ahead of recent market disruptions.

On aggregate, default funds reached $78.2 billion as of December 31, 2024, compared to $57.8 billion five years earlier.

Severa

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