Options Clearing Corporation (OCC)
Record rise in concentration at top CCPs leads to all-time high
Median top-five member open position concentration rises 2.4pp in Q4
Snail race: the slow growth of securities lending CCPs
There’s underlying appetite to clear, but a structure to suit all participants is proving elusive
People: Risk shake-up at Santander, JPM juggles markets, and more
Latest job changes across the industry
Concentration risk ticks up at large CCPs
Top five clearing members accounted for almost half IM and open positions in Q3
OCC default fund up 19% in Q3
Hypothetical stress losses behind latest spike in member contributions
Can CCPs provide a port in a storm for securities lending?
Basel III, T+1 and EquiLend scandal all incentivise clearing, but also disintermediation
OCC sees cloud-based future for clearing
Risk Live: But regulated entities face a “heavy lift” when moving to the cloud, says CRO
OCC skin in the game down by nearly a third
Hike in capital expenditures and tax payments drives decrease
OCC liquidity risk doubles to all-time high in Q2
Concentration of activity around June expiration responsible for record rise
RepoClear’s default fund halves in Q1
Elevated initial margin allows LCH service to scale back second line of defence to lowest point on record
CCPs shun central banks in liquidity buffers rejig
LCH, Ice US and CME lead the way towards commercial banks
Initial margin at OCC declined over Q4
Calmer markets triggered downward revision as requirements drop $30bn
Ice exec rejects cloud for critical infrastructure
FIA Boca 2023: SVP Bland “can’t imagine” outsourcing critical infrastructure; DRW’s Wilson warns of concentration risk
People: More Goldman sackings, Citi promotes for Emea, and more
Latest job news across the industry
CCP ‘skin in the game’ still dwarfed by member contributions
Even as markets churned in 2022, clearing houses coughed up only 2% of funds at end-September – the same as the previous year
An uphill climb to T+1 settlement
The SEC is pushing an aggressive schedule for faster settlement of equities and corporate bonds
Commercial bank cash grows more popular for initial margin
Shift driven by Ice Europe as CCPs diverge on preferred type of collateral
Mystery upstarts crash Robinhood’s retail options party
SEC filings hint at wider shake-up in wholesale options market-making
CCPs’ largest members account for almost half IM
Analysis of 30 clearing services shows wide dispersion in concentration risk – with LCH and JSCC leading the pack
NSCC and OCC to enhance co-operation on large cash calls
New deal would improve management of options expiries, but will stop short of cross-margining