Clarus FT: SACCR Multipliers, Initial Margin and KCCP

• KCCP defines the amount of capital that must be held versus default fund contributions at a CCP.
• The lower the value of KCCP, the lower the overall cost of clearing.
• The SACCR multiplier used to calculate KCCP suggests that KCCP reduces for every extra dollar of Initial Margin posted at a CCP.
• We look at the relationship between KCCP and Initial Margin for 6 large Clearing Services.

The full article is available at https://www.clarusft.com/saccr-multipliers-initial-margin-and-kccp/