Central Counterparts Margin Models, Procyclicality And Clearing Members
By Anne Job De Lescazes
A featured article of our October 2021 edition of PRMIA's Intelligent Risk quarterly newsletter
The UK HMT1 provides a clear and elegant definition of Central Counterparties (CCPs): “financial institutions which firms use to reduce risks that arise when trading with others on financial markets. They provide more certainty than specific types of financial contracts, including derivatives, will, if cleared through the CCP’s services, be honoured if one of the counterparties to a trade were to default.”
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