CCP
WHAT IS THIS? A central counterparty (CCP) manages default risk by collecting initial and variation margin from both parties to a trade. Spill-over losses are absorbed via a default fund to which all members contribute – introducing a degree of mutualised risk – and by the CCP’s own capital. The concept is an old one that was extended to over-the-counter derivatives in the aftermath of the financial crisis.
New frontloading threshold stirs up MEPs
"Hard to see" how plans honour EC pledge to avoid harm, says Swinburne
GCSA Capital: the CCP underwriter
A consortium of 25 insurers is offering to cover CCP tail risk
CDS clearing – The looming mandate
Sponsored Q&A: LCH Clearnet
Risk Italia survey 2014: Regulation brings clearing to the fore
Derivatives activity in the Italian market at a relatively steady state – especially considering tough economic conditions
Rethinking investor protection in central clearing revolution
Automation and straight-through processing required to protect investors
CCP fire drills lack real-world punch, banks say
Cross-membership means current tests do not reflect a real default
"Europeans are the problem" in CCP oversight standoff
CME's Taylor claims approval for US regime is being unfairly delayed
Utility firms struggle to fend off Emir clearing
Exemptions and thresholds crucial to avoiding OTC clearing rules
Eurex CEO slams European clearing mandate delay
Global nature of OTC derivative markets calls for a synchronised approach
BoE researchers flag potential flaws in CCP default funds
Paper proposes refinements to 'cover two' standard
Recovery rules would force CCPs to accept operational losses
Operational losses to be borne solely by CCPs, says CPMI-Iosco
JSCC to gain DCO status from US regulator before year-end
Japanese clearing house will soon be able to clear for US clients
Fed official slams ‘fantasy’ of CCP default management
McPartland: banks could not support multiple auctions if a big member firm defaults
Fed, CFTC officials back standard stress tests for CCPs
Tarullo and Wetjen say regulators should set standards for CCPs
Regulators plan standard stress tests for CCPs
Stress testing a "priority topic" for CPMI-Iosco as it launches working group
BlackRock adds to clamour for more CCP capital
Firm's co-founder says oversight of clearing houses also must be tougher
CCPs criticise JP Morgan clearing white paper
CME, Eurex, LCH.Clearnet: no need for new loss funds or more CCP capital
LCH and CME have enough capital, says Isda's O'Connor
Isda chair's comments at odds with industry calls for bigger CCP capital cushions
Energy Risk Asia CCP of the Year: Singapore Exchange
CCP looks to deliver continuity in face of regulatory change
CCPs must get familiar with the C-factor
BCBS publishes new approach for calculating default fund margins
Barnier hints at longer pensions clearing exemption
EC internal markets head says clearing system not ready for pension funds
European banks stop clearing Korean won swaps at KRX
Fresh uncertainty over Esma's recognition of KRX's OTC clearing house
CCPs to get multiple recovery planning tools
ECB's Coeuré says regulators won't specify one approach
Peer-to-peer funding offers alternative finance source
CCP cleared P2P market option in place of prime brokers