Central counterparty (CCP)
CFTC sounds alarm on clearing capacity
US regulator warns porting cannot be guaranteed in the event of a large member default
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 CCP 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
BIS statistics: OTC derivatives market value back to 2019 levels
Gross market values have fallen about a fifth since second half of 2020
BoE outlines new ‘tiered’ CCP supervision framework
Non-UK CCPs will be labelled Tier 1 and Tier 2 following ‘reliance assessment’
BoE launches ‘exploratory’ CCP stress test
Central bank will test credit and liquidity exposures, and will also conduct “reverse stress tests”
CPMI aims to ‘shape the future of payments’
Committee publishes work programme for first time, focusing on innovation and risks in FMIs
G30 calls for major US Treasury market reform
Rise of non-banks and side-effects of regulation are triggering bouts of “dysfunction”, report warns
Bank of England prepares for first public CCP stress test
Discussion paper sets out eight components of supervisory stress test for key market infrastructure
Central clearing of Treasuries could cut disruption – NY Fed paper
Central clearing could have avoided most settlement failures during Covid-19 crisis, authors say
CCP open access will be ‘integral’ part of Mifid review
EC official says politicians will need to decide whether to further delay open access