Central Counterparty Margin Frameworks

Louise Carter and Duke Cole
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Louise Carter: Reserve Bank of Australia
Duke Cole: Reserve Bank of Australia

RBA Bulletin (Print copy discontinued), 2017, 84-94

Abstract: A central counterparty's (CCP's) margin framework can affect the activity of market participants and the broader functioning of the financial system. This potential impact on financial stability is an area of focus for authorities – in Australia and overseas – particularly as central clearing has grown in recent years. Additionally, the margin collected by CCPs is the first layer of financial resources held by a CCP to cover counterparty credit risk, so it is critical that a CCP's margining system is effective.

Keywords: central counterparties; financial market infrastructures; margin; financial risk management; procyclicality; systemic risk; collateral (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (2)

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