Central counterparty (CCP)
UK clearing houses face tougher capital regime than EU peers
Ice resists BoE plan to move second skin in the game higher up capital stack, but members approve
ECB removes need for governing council to approve CCP facility
New “automatic” facility will require safeguards that are “still being implemented”, bank says
Bank Indonesia to launch central clearing house
Central bank says aim of CCP is to deepen country’s financial markets and mitigate systemic risks
More CCPs would not avert US Treasuries crisis – BIS study
However, economists say central clearing could still improve market functioning
RBA examines central clearing for bond and repo markets
Central bank says recent developments mean there is a stronger case for CCPs
CFTC sounds alarm on clearing capacity
US regulator warns porting cannot be guaranteed in the event of a large member default
BoE promises new ‘rulebook’ for clearing houses and CSDs
Official says post-Brexit arrangements will be ‘more adaptable and dynamic’
UK financial institutions are ‘global public good’, says Bailey
BoE governor warns against fragmentation, criticises Brexit and discounts rate cuts
CCPs’ stress-test results have improved, BoE says
UK institutions can absorb default losses and maintain liquidity better than in 2021–22, regulator says
FSB proposes global standard to tackle failed CCPs
Report warns authorities not to rely on any single tool but adopt a “toolbox approach”
Margining added to liquidity stress after Ukraine invasion – BIS
Bulletin article examines how tool designed to promote stability can have undesirable side effects
CPMI-Iosco report surveys CCP tools for ‘non-default losses’
Losses from investment risk or cyber attacks could threaten a CCP’s survival, report says
Fed throws curveball with agency clearing surcharge proposal
Revived plan could see capital for G-Sibs’ client clearing jump 40 times, says industry body
BoE launches first ‘system-wide’ stress test
Analysis will assess how banks and non-banks interact to amplify shocks
More central clearing could have eased Covid shock – BoE paper
Efficiencies for dealer balance sheets could allow banks to play greater stabilising role, authors say
BoE tells LME Clear to fix governance failings
Regulators open “enforcement investigation” into nickel market disruption
BoE paper finds U-shaped collateral impact from central clearing
Centrally clearing all derivatives trades does not necessarily free up the most collateral
Some CCPs struggle in BoE stress test
First central counterparty stress test finds firms come close to depleting their buffers in baseline scenario
CCP collateral regulation could limit procyclicality – BoE paper
Requiring CCPs to reinvest cash collateral can help reduce procyclicality during stress, authors find
Some CCPs could struggle to cover major losses – FSB
Cyber attack could pose serious problems for systemically important CCPs, report finds
FSB says gaps remain in resolution regimes
Ten years since resolution framework was published, bank bailouts are still taking place