Clearing members
Why liquidity risk is the silent clearing killer
A quant paper shows feedback effects can amplify CCP margin requirements in stressed markets
Systemic risks in CCP networks
Barker, Dickinson, Lipton and Virmani propose a credit and liquidity risk model for CCPs
Banks and CCPs clash over non-default losses
Banks balk at being on the hook for losses from investments or cyber attack, but many clearers say the risk should be shared
Suspend bank capital rules following an FCM default, CFTC told
Banks may be more likely to bid in post-default auctions if temporary capital relief is granted
Cat bonds can help combat the systemic risks of CCPs
Bonds could pre-fund CCP default funds and higher margins during market stress, authors argue
Barclays loses top clearing exec
Industry has seen string of departures from senior clearing roles over past year
Supervisors split over flexibility in CCP resolution
European regulators square off over predictability of spillover losses
Emir countdown raises cost questions for the buy side
Firms fear wider spreads, lower liquidity after May 21 frontloading date
Nordic clearing members eliminate Skr288 billion IRS notional
Nasdaq Clearing’s first compression run to be continued twice a year
LCH and dealers clash over loss allocations
Isda AGM: CCP equity should not be spared, say clearing members
Tensions at for-profit CCPs could put them at risk
Demutualised CCPs must find a way to keep clearing members engaged in risk management
Looming EU-US deal on clearing gets cool welcome from banks
Proposed European rule change will raise risks and costs of clearing, critics fear
Carney: leverage ratio could limit clearing benefits
European officials should look at the impact of the leverage ratio on clearing, the Bank of England chief tells MEPs
Irish central bank warns of swaps market shut-out
Official says current clearing capacity “will be saturated” by Emir demand
Fears mount over CCP client porting
Shrinking pool of FCMs could undermine efforts to port client positions in a default
Buy side mulls new Eurex direct clearing model
Agency-style arrangement may cut clearing costs, but regulators wary
The Clearing House takes aim at CCP risk governance
Banks call for audit trails and beefed-up role for risk committees
CME guaranty fund cut could lure new clearing members
Regional banks and prop shops eye direct membership, but FCMs see few benefits
CCPs confront cleared swap basis threat
From Japan to Mexico, CCPs are trying to avoid repeat of CME-LCH price disparity
How to fix the leverage ratio (by a prudential regulator)
“Embarrassing … ridiculous”: unnamed regulator lets fly at leverage rules
FCMs try to ‘off-board’ credit and commodity funds
Fee hikes are being used to drive out clients that hog capital
Regulators cool on plans to change leverage exposure sums
SA-CCR is mooted successor to 27-year-old CEM, but sensitivity may count against it
CME-LCH basis to persist, say dealers
Banks not convinced by CME plans to lure dealers from LCH.Clearnet
Q&A: Iosco’s Medcraft on CCP stress testing
CPMI-Iosco launch fact-finding mission on CCP risk management