Default fund contribution
BlueCrest seeks direct membership at LCH’s SwapClear
Investment firm to make leap away from clearing broker reliance
Clearing houses in Asia to overhaul creaking margin models
Fears of Nasdaq-style failures spur rethink of margining practices at HKEx, JSCC, SGX
Risk.net podcast: OCC’s Fennell on Nasdaq breach, crypto and ‘skin in the game’
Clearing house is “seriously considering” contributing to own default waterfall
Eurex default fund swells to €4.5 billion
Second quarter saw the second-largest quarterly increase since the CCP began reporting in 2015
OCC default fund shrinks $3 billion
Change reflects CCP's model methodology and calmer markets in Q2
Exchanges warn on clearing concentration
Clearing houses urge margin offset in leverage ratio, adoption of SA-CCR and recalibration of NSFR
OCC swells liquidity after reinforcing clearing fund
Further changes expected following September clearing fund revamp
JSCC reinforces default funds
Member firm contributions swell ¥135.5 billion across derivatives clearing services
Bitcoin futures growth could prompt bank ratings downgrades
Fitch, S&P, Moody’s contemplate impact of bitcoin futures on credit ratings
Esma questions CCP ‘free ride’ for sovereigns
Regulator has asked EC to take a stance on venues that let public entities clear without posting margin
JSCC margin changes ease Japan interest rate pain
Negative rates prompted switch in the CCP’s margin calculation model for interest rate swaps
Swaps data: breaking down CCPs’ $750 billion funding bill
Amir Khwaja of Clarus FT considers how initial margin, variation margin and default fund contributions can quickly add up
CCP stress tests have found capital shortfalls – Esma
Small increases to stress-test scenarios would have left Ice Clear Europe “in material breach”
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
Eurex faces questions on savings from buy-side clearing
CCP rebuffs argument that direct membership model will add to risk
JP Morgan exec challenges CCPs over skin in the game
"Why wouldn't you put up... all of your capital?" asks Olsen
SGX 'ahead of the curve' on CCP capital, argues director
Singapore Exchange puts up 25% of default fund capital; European and US CCPs contribute 2.6%
CME guaranty fund cut could lure new clearing members
Regional banks and prop shops eye direct membership, but FCMs see few benefits
Regulators to put CCP risks under microscope
CPMI-Iosco stress-testing quiz will be precursor for broader risk review
Calypso Technology: No FCM, no problem
Ex-RBS clearing head maps out a world without FCMs
CCPs confront the difficult maths of default management
The next time a big dealer defaults, it will hit a host of swap clearing houses simultaneously
BlackRock adds to clamour for more CCP capital
Firm's co-founder says oversight of clearing houses also must be tougher