HKEx

Regional CCPs: How compelling a business case?

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Note: Originally published in 2011 - we reloaded the images and this happened to republish itself. The piece is still relevant, even if events have moved on with regional clearing in Hong Kong, China, India, Chile, Australia and Poland.

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Survey of CCP Progress Since the US Clearing Mandate Kicked In

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It's been a few months since we last updated the CCP chart, and in that time clearing has become mandated in the US. In most cases the quantity of trades in each CCP has increased, but the effects of netting and tear-ups might be behind the reduction in others.

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EMIR CCP Segregation Models Links

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In advance of a longer piece, here's the links to presentations by the various CCPs on how their EMIR segregation models work:

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HKeX builds a Consortium for OTC Clear

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A group of banks have signed up to a consortium to sponsor & guide development of clearing for OTC products with Hong Kong Exchange. Press Release here

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OTC Margin Models Landscape

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Given today's story at Risk Magazine about SwapClear tuning their IM model for a low interest rate environment, it's interesting that more or less all the other CCPs use a similar model (for Rates), and perhaps will be looking again at whether they are also capturing sufficient IM.  From publicly available information, here's how the various margin models stack up (if anyone can fill in the blanks or improve on this, please let me know): (Click to enlarge the image)

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Yet more CCP status updates

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Based on feedback from people out here in Singapore, and more research, my CCP status chart now has added items:

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CCP and SDR Status Sheet as of Nov 27th

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I've updated some charts on the status of the OTC market infrastructure:

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CCP Score Sheet as of October 2012

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It's been a while since I updated my popular chart with the current notionals at the various CCPs. New entrants to this months chart include:

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