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RBA Glossary definition for CCP

CCP – Central counterparty

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Contagion Analysis

29 Sep 2015 RDP 2015-02
Alexandra Heath, Gerard Kelly and Mark Manning
In the case of a CCP, therefore, we focus solely on the propensity for secondary stress. ... VMGH therefore allows for partial payment of variation margin obligations by a CCP.
https://www.rba.gov.au/publications/rdp/2015/2015-02/contagion-analysis.html

Central Counterparty Loss Allocation and Transmission of Financial Stress

18 Mar 2015 RDP 2015-02
Alexandra Heath, Gerard Kelly and Mark Manning
At the same time, however, the reforms necessarily concentrate risk in one or a few CCPs and also increase institutions' demand for high-quality assets to meet collateral requirements. ... This mechanism is considered in international standard-setters'
https://www.rba.gov.au/publications/rdp/2015/2015-02.html

Data and Exposure Analysis

29 Sep 2015 RDP 2015-02
Alexandra Heath, Gerard Kelly and Mark Manning
As noted, the scope for netting will depend on the extent to which transactions are cleared non-centrally, through a single CCP, or through separate CCPs for each asset class. ... At the time of writing it has become common for some products – notably,
https://www.rba.gov.au/publications/rdp/2015/2015-02/data-exposure-analysis.html

Policy Implications

29 Sep 2015 RDP 2015-02
Alexandra Heath, Gerard Kelly and Mark Manning
In such circumstances, the CCP's pre-funded financial resources could be exhausted. ... analysis and allow better comparison of resilience and loss-absorbing capacity across CCPs.
https://www.rba.gov.au/publications/rdp/2015/2015-02/policy-implications.html

Conclusions

11 Sep 2015 RDP 2015-02
Alexandra Heath, Gerard Kelly and Mark Manning
At the time of writing, CCPs' risk management arrangements have been the subject of considerable policy debate. ... We conclude that, while CCPs are central nodes in the financial network, maintaining CCP financial resources in accordance with
https://www.rba.gov.au/publications/rdp/2015/2015-02/conclusions.html

Background and Relevant Literature

11 Sep 2015 RDP 2015-02
Alexandra Heath, Gerard Kelly and Mark Manning
2.3 CCP Recovery and Loss Allocation. Reflecting the central and systemically important role that CCPs play, policymakers have also made progress on initiatives to enhance arrangements for the recovery and ... connections with the financial markets that
https://www.rba.gov.au/publications/rdp/2015/2015-02/background-relevant-literature.html

Introduction

11 Sep 2015 RDP 2015-02
Alexandra Heath, Gerard Kelly and Mark Manning
The resulting increase in the importance of CCPs in OTC derivative markets is well documented. ... International standards place tight limits on a CCP's discretion in these activities.
https://www.rba.gov.au/publications/rdp/2015/2015-02/introduction.html

References

11 Sep 2015 RDP 2015-02
Alexandra Heath, Gerard Kelly and Mark Manning
ISDA (International Swaps and Derivatives Association) (2013), ‘CCP Loss Allocation at the End of the Waterfall’, Risk Management Technical Paper, August. ... ISDA (2014), ‘ISDA Margin Survey 2014’, 10 April. ISDA (2015), ‘CCP Default Management
https://www.rba.gov.au/publications/rdp/2015/2015-02/references.html