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Taking a Deep Dive into Margins for Cleared Derivatives

Author

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  • Rebecca Lewis

Abstract

Central counterparties (CCPs) are institutions that become the buyer to every seller and seller to every buyer in cleared markets. By design, CCPs have a matched book of positions. As a result, their liabilities to clearing members with winning positions are exactly matched by incoming payments from those on the losing side of positions.

Suggested Citation

  • Rebecca Lewis, 2016. "Taking a Deep Dive into Margins for Cleared Derivatives," Chicago Fed Letter, Federal Reserve Bank of Chicago.
  • Handle: RePEc:fip:fedhle:00060
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