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.
Interview: Six Securities Services' Thomas Zeeb
Six of the best
Esma says national regulators must decide product eligibility for third-country CCP transition period
The European Securities and Markets Authority has addressed some of the concerns over which third-country CCP platforms and products are eligible for the transitional period, which begins on March 15
Extraterritorial clash continues for clearing houses
While the Group of 20 nations want to see progress with financial regulatory reforms, individual authorities around the world are reluctant to relinquish domestic sovereignty over standards for central counterparties. Luke Clancy reports
Uncertainty over Emir may force European banks from some Asia OTC markets
The deadline is approaching for regulators to establish what European banks can clear and where on Asian CCP platforms ahead of OTC market standards going live from March 15
Rise in CCPs may spur collateral fragmentation
Currency controls
Central clearing obligations cause collateral headaches in Asia
Collateral thinking
ASX to use cross-margining efficiencies in battle for Australia clearing market
Australian domestic clearing house hoping to use lower margin costs as a means to win market share
Options clearing pushed to 2014 as solution search begins
As the search for a viable clearing mechanism for FX options begins, market participants suggest clearing won't begin before 2014
First OTC clearing wave to catch 77 fund managers
List reveals 77 managers have funds that will be required to start clearing on March 11 - and dealers say up to a third are not ready to start
JSE eyes OTC market as it revamps futures clearer
South African futures CCP limits member liabilities
Esma chair hits back against regulatory overreach claims
Esma chairman Steven Maijoor denies the supervisor overstepped its authority when drafting clearing rules
Thailand backs cash equity CCP linkage model
Proposal for CCPs to act as clearing members for each other receives backing of Thai regulator
Parliament may decide not to reject Esma standards
Doubt cast over whether a motion to reject two Esma regulatory technical standards will survive a plenary vote on Thursday
Special report: Clearing
In the clear?
FX options clearing analysis in final stages
The GFMA's global forex division is understood to be close to completion of its analysis of five years of options trading data - a project that is intended to lead to a solution for options clearing
OTC infrastructure service of the year: MarkitServ
Risk awards 2013
MexDer: The Mexican swaps wave
The Mexican swaps wave
Central clearing: what obstacles remain for Asia?
Despite the deadline for introducing central clearing already passing, a number of questions are unanswered. Leading figures from around the region voice their concerns
Lack of clarity over clearing provides problems for Asia banks
The deadline set by the G-20 to clear all standardised OTC derivatives has passed but a lack of regulatory clarity over the shape of reform is hampering banks in the region