Top five clearing members dominate CCPs
Thirteen of 25 clearing services surveyed have 50% or more open positions in hands of top five members
At each of the top central counterparties, a mere handful of clearing members account for a huge chunk of posted initial margin (IM) and outstanding open positions. At some, the top five members make up a clear majority of both.
Public disclosures detail the percentage of posted IM attributable to the top five largest members for each clearing service at a CCP. Of the 25 clearing services at the 10 CCPs analysed by Risk Quantum, IM concentration was highest at LCH SA’s €GCPlus, a clearing
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