It has been said for some time now that clearing is where
the real action is happening in this industry, and this week's
news provides further evidence of that.
In a climate of shrinking margins, firms are looking to make
crucial savings at the back end of the business, which is why a
measure like intra-day margining could have a significant
impact, for better or worse, depending on how it is handled and
how far it is taken. A half-measure could give extra comfort to
the clearinghouse but an extra burden to clearing firms.
However, well co-ordinated measures that produce more accurate
calculations of clearinghouse risk could also lead to
collateral savings for members.
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