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.
LCH.Clearnet appoints new CEO of CDSClear
UK-based clearer appoints Markit's former fixed-income director as chief executive of CDS clearing service
Change to Japan clearing mandate ends LCH-JSCC talks
A decision to limit the scope of Japan's clearing mandate has torpedoed months of partnership talks between LCH.Clearnet and the Japan Securities Clearing Corporation
CLS pushing 'transformation' agenda, says Bozian
The central settlement utility is feeding greater resources into expanding its universe of currencies, according to chief executive Alan Bozian
Work needed to ensure regulations mesh, says SFC’s Alder
Further international co-ordination is needed if the G-20 deadline for central clearing of standardised OTC derivatives is to be met, says new SFC chief executive
MF Global collapse should prompt rethink of CFTC rule on CCP membership, say dealers
The bankruptcy of MF Global should prompt the CFTC to reconsider the $50 million cap on minimum capital requirements set by CCPs on clearing members, say bankers
Despite hurdles, clearers map out forex ambitions
Clearing a way for forex
CFTC urged to rethink rules that threaten cross-margining
Pushed to the margins
Dealers face up to OTC clearing's tech revolution
All systems go
Multiple local CCPs better than one global super-CCP – Siddhartha Roy profile
The beauty of diversity
Risk.net poll: G-20 will not meet deadline for OTC derivatives reforms
The vast majority of respondents to a Risk.net poll do not believe G-20 members will meet the end-2012 deadline for all standardised OTC derivatives to be cleared through CCPs
Sponsored Q&A: BNP Paribas
Asian commodity markets react to volatility
Basel proposals reduce need to sign guaranteed portability agreements
Changes to bank capital rules on CCP exposures remove the need for bank clients to enter into contractual agreements to port trades to other clearing members
CCP capital rules could discourage client clearing, critics claim
Revised Basel rules provide little capital incentive for clearing members to clear trades on behalf of clients, bankers argue
Regulators plan co-ops as answer to OTC fragmentation
CLS Bank-style regulatory council could be applied to trade repositories and CCPs to avert market fragmentation, but French regulators are not convinced
CFTC urged to rethink rules that threaten cross-margining
The cross-product margining maze
Despite hurdles, clearers map out forex ambitions
Clearing hurdles
Margin minutiae at issue in Jefferies v IDCG suit
Mire in margin minutiae
Block trade allocations: FCMs and CCPs prepare for new regime
Block around the clock
In defence of cross-product margining
In defence of cross-product margining
Dealers face up to OTC clearing's tech revolution
Clearing the way for IT
