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18-Oct-2019 03:49

That’s one reason why you can see bigger than expected moves (as occurred in oil last week) to fundamental shocks.

This is why CCP policies that are prudent in some sense can be macroprudentially dangerous.

Clearinghouses Would Not Have Prevented the Financial Crisis. The problem is that you don’t learn what the problems are until they appear, completely unanticipated. Re-engineering these markets will lay the foundation for a future crisis.

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Acting microprudentially, they typically fail to take into account the feedback between their decisions and market prices, or at least do not do so completely.

“When market conditions become more volatile we would increase margins in anticipation of that, and when volatility decreases we don’t want to create unnecessary capital costs,” Taylor said.

In past instances, CME Clearing has often raised trading margins ahead of certain events in an attempt to damp their impact on trading.

“I don’t agree that the margin change was a trigger for changes in the market,” said Kim Taylor, president of CME Clearing.

Taylor leads a team of sever hundred risk management and compliance professionals who monitor CME’s markets around the clock.

“The market is well tuned so that if there’s a market move that approaches or exceeds our volatility limits” participants know to expect an increase in margin requirements, she said.