OFR article on initial margin in centrally cleared swaps: do the CCPs really get it right?

A recent article published by the Office of Financial Research, Hidden Illiquidity with Multiple Central Counterparties, May 7, 2015, by Paul Glasserman, Ciamac C. Moallemi and Kai Yuan caught our eye. It was one of those things that seems so obvious when you read it, but gets missed in practice.