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.
OTC Derivatives Clearing Summit: Industry will struggle to meet clearing deadlines
Buy-side firms will struggle to finish legal and operational work ahead of US mandated clearing deadlines – and they are not the only ones, says panel
European OTC clearing documentation faces delay
Complications over close-out mechanisms and segregation models will delay the European addendum by up to three months, say dealers
Unclear on clearing in Germany
Unclear on clearing
What will clearing cost?
What will clearing cost?
Neal Wolkoff: OTC market faces break-up blues
Break-up blues
Regulation to hit bank profitability - Risk survey
Dealers expect new rules to hit the profitability of their business, but fewer expect to be able to pass the costs along – and more are anticipating a big drop in OTC trading volumes
Industry slams 'unworkable' Esma proposals on indirect clearing
Clearing members would be forced to guarantee trades executed by their clients' clients - on terms the member firms have not agreed
LCH.Clearnet model ‘not appropriate’ for Australian market, say two domestic banks
Two Australian banks speaking at Risk & Return Australia are critical of LCH.Clearnet for not meeting local market needs with its central clearing operation
LCH readies launch of new NDF pairs and client clearing
Five months after launch, ForexClear is ready to start offering client clearing and to add five new currencies to the service, pending the approval of the FSA and the CFTC
Acclaimed new TriOptima service may not have a future
In the balance?
Central banks working on liquidity support for CCPs, says BoE’s Tucker
International regulators and central banks trying to avoid "nightmare" of fragmented clearing system
Risk 25: The search for margin efficiency
Margin efficiency: The new battleground
Risk 25 firms of the future: Introduction
With over-the-counter derivatives markets in flux, picking winners and losers is a tough job. This is where Risk’s editorial team nails its colours to the mast. By Lukas Becker, Matt Cameron, Laurie Carver, Clive Davidson, Ramya Jaidev, Peter Madigan,…
Risk 25 firms of the future: State Street
Taking on the Street
Risk 25 firms of the future: Newedge
'Fair and unconflicted' but under pressure
Risk 25 firms of the future: Deutsche Bank
Difficult choices ahead
Risk 25 firms of the future: Citadel
OTC market-maker in waiting
Risk 25 firms of the future: BlackRock
‘Jury out’ on OTC derivatives
Risk 25 firms of the future: CME Group
We are not too big
Risk 25 firms of the future: LCH.Clearnet
Open to acquisitions
Risk 25 firms of the future: NYPC
One pot, three CCPs