Some CCPs could struggle to cover major losses – FSB
Cyber attack could pose serious problems for systemically important CCPs, report finds
Some central counterparties may not have enough resources to deal with major losses from a cyber attack, analysis by the Financial Stability Board finds.
The FSB probed systemically important CCPs’ buffers using several hypothetical scenarios. In a scenario involving severe losses from defaults, all the CCPs were able to cover their losses. However, some exhausted pre-funded and committed resources, and had to rely on cash calls and “variation margin gains haircutting”, a means of clawing back
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