Clearing members & Margin Procyclicality : 
"when the medecine can be worse than the disease"

CCPs remained resilient trough the COVID-19 crisis.
This was due mainly to robust margin models. 

However too conservative margin calls, instead of safeguarding the global stability, can cause harmful liquidity stress for market participants.

There's room for improvments, but will those favor clearers ?


Read our article to learn more !

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