Default Funds News Today

Dealers grumble that greater guaranty fund payments could undermine the ‘defaulter pays’ principle of clearing

Top five clearing members accounted for almost half IM and open positions in Q3

Hypothetical stress losses behind latest spike in member contributions

US regulator warns porting cannot be guaranteed in the event of a large member default

Esma’s decision forces re-weighting of local exposures by EU dealers

Network contagion could make cash calls systemically risky, but TLAC also controversial

Requirements from CCPs up 19% across 13 EU and UK banks

Aggregate increase across US clearing banks pushes requirements to highest point since 2021

Stress loss over margin designed to ease procyclical behaviour seen during 2022 energy shock

Hike in capital expenditures and tax payments drives decrease