Clearinghouses, also known as central counterparties (CCPs), would be forced to “publicly disclose the parameter and information on the models used in the calculation of margin requirements” according to draft guidelines issued by the European Securities and Markets Authority (Esma) as part of a wider consultation that seeks to examine risk-management practices at CCPs.
These disclosures, Esma says, must be of “sufficient granularity” in order for participants in clearinghouses—both direct memb
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