CCPs

A misguided opinion article from the FT on US Treasury and repo clearing

World Federation of Exchange: Procyclicality of CCP Margin Models

Video: Stanford’s Darrell Duffie and Finadium’s Josh Galper discuss central clearing for US Treasuries (Premium)

Hedge fund financing margins and trading decisions (Premium)

FSB releases guidance on CCP financial resources for resolution and announces further work

ESMA publishes report on post trade risk reduction services

UK issues equivalence pathway for EU CCPs

Can securities lending pull itself out of its own revenue rut? (Premium)

FIA calls for improved CCP margin design and reduced procyclicality

Solving a structural problem at beneficial owners for securities lending competitiveness (Premium)

OCC Issues Paper on Central Clearinghouse Resiliency and Stability

European Commission grants 18 month equivalence to UK CCPs

Finadium: Planning for Securities Finance After COVID-19

EACH: European CCPs prove resilience after BCP fire drill tests

European CCP association responds to ESMA on cloud regulations

EU agrees on higher skin in the game for CCPs

European Association of CCP Clearing Houses (EACH) pushes back on clearing member compensation guidance

The CCP argument for collateral standardization and sponsored clearing post-COVID-19 (Premium)

Secfinance in H2: J.P. Morgan’s George Rennick on market themes and participant impacts (Premium)

ISDA: CCP Initial Margin up 51.9% for Q1 2020

ESMA’s CCP stress tests confirm system resilience, warn on concentration risk

HEC Paris: The Value of Central Clearing

CPMI and IOSCO issue paper on CCP default management auctions with three categories for follow up

EU authorities reach political agreement on CCP recovery and resolution

Analysis of Darrell Duffie’s paper on centralized clearing of US Treasuries (Premium)

FISL 2020: Technology, Operations and Market Structure in Securities Finance

BIS: Model risk at central counterparties: Is skin-in-the-game a game changer?

BIS research says central banks need to assess CCPs jointly in wake COVID-19 turbulence

BIS working paper: CCPs may dampen innovation and efficiency in market making

FSB consults on assessing adequacy of financial resources for CCP resolution

Risk: Asia CCPs forced to hike margins rapidly during equities rout

Goldman: Barclays, Nordea and more join call to improve safety of CCPs

Risk: ECB mulls wider clearing house access to account facilities

CCP12 calls for harmonized reporting of collateral for uncleared derivatives

Higher swaps margin costs + lower RWA for CCPs = more securities finance volumes (Premium)

SEC approves new OCC capital management policy

FSB 2019 resolution report focuses on CCP resilience

Major banks and asset managers propose CCP resilience, recovery and resolution standards

Asset manager thinking on counterparty default indemnification including CCPs (Premium)

Help wanted: buy-side firm seeks CCP business model for securities lending

ESMA critiques European regulatory oversight of CCPs

CPMI and IOSCO publish for public comment a paper on CCP auctions

LCH: Best Practices in CCP Risk Management

FSB report on market fragmentation scrutinizes CCPs, data, cyber and crypto

Bank of England working paper: The Cost of Clearing Fragmentation

Bank of England blog: CCP porting, are there lessons to be learnt from elsewhere?

CFTC Staff Issues Clearinghouse Supervisory Stress Test Report

Three ways to jump-start securities finance volumes (Premium)

Paper: who pays and who gains from CCP services?

An argument that more PB internalization will lead to more direct securities lending (Premium)