// definition
Clearing member
Member of a central counterparty
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Short definition
A firm that settles margins and obligations for its own positions and those of its clients at a central counterparty. If a client misses a margin call, the member still owes the clearing house and bears step-in liquidity risk.
risk atlas
Knowledge map
Intuition
The clearing member is the bridge between client and clearing house. It passes on margin and remains responsible for settlement to the CCP.
Why it matters now
If a client runs short of cash, stress moves to the bank providing clearing and, sometimes, funding.
Related analyses
- When the barrel becomes a margin callHedging, cash, clearing and transmission to bank balance sheets.
Related guides
- Reading the oil marketPrices, curve, inventories, OPEC and physical data.
- Reading interest-rate swapsValuation, clearing and counterparty risk in derivatives.
Related datasets
- risk.jsonPublic snapshot of the risk signals.
- signals/history.jsonPoint-in-time history of the signals.
- risk-diff.json1, 7 and 30-day diff of signals, sources and models.
- evidence-graph.jsonClaims, evidence and their sources as a graph.
Signals using it
- Energy MonitorMethodology of the energy stress signal.
- Risk DiffRecent change in risk and source freshness.
Primary sources
- Intercontinental ExchangeBrent future specifications, clearing and indicative margins.
- European Central BankEnergy derivatives, margin calls, bank credit and EMIR data.
- Bank of EnglandMeasures of the 2022 European energy-margin stress.
- Financial Stability BoardInternational recommendations on margin-call preparedness.