{"id":5562,"date":"2023-01-03T12:47:23","date_gmt":"2023-01-03T04:47:23","guid":{"rendered":"https:\/\/orientfutures.sbwd.website\/?p=5562"},"modified":"2026-02-03T16:07:23","modified_gmt":"2026-02-03T08:07:23","slug":"central-counterparties-role","status":"publish","type":"post","link":"https:\/\/of.sbwd.website\/zh\/glossary\/central-counterparties-role\/","title":{"rendered":"The Role of Central Counterparties"},"content":{"rendered":"Reading Time: <\/span> 4<\/span> minutes<\/span><\/span>\t\t
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Lynnice Ng<\/a>\uff0c\u5e02\u573a\u8425\u9500\u90e8\u603b\u76d1<\/strong><\/p>\n

Lynnice develops the marketing strategy for the MAS-licensed, Shanghai-headquartered brokerage firm based in Singapore,\u00a0Orient Futures Singapore,<\/strong>\u00a0and leads the team to execute sponsorship of events aligned with brand and business objectives.<\/p>\n

With a\u00a0Bachelor of Business degree and a Master of Arts (Contemporary China)<\/em><\/strong>\u00a0from Nanyang Technological University, certificates of\u00a0Capital Markets and Financial Advisory Services<\/a>\u00a0(CMFAS)\u00a0Module 2A\u00a0and\u00a0Module 6A, she is passionate about the financial services industry and takes pride in providing value to clients and all, in the areas of content and events.<\/p>\n

Soon Yujian<\/a>, Marketing Associate<\/strong><\/p>\n

Yujian is the content strategist and writer in the marketing department of\u00a0\u4e1c\u8bc1\u671f\u8d27\u65b0\u52a0\u5761<\/strong>.<\/p>\n

With a\u00a0Bachelor\u2019s degree in English<\/em><\/strong> from Nanyang Technological University, he gathers insights about the derivatives industry and turns them into bite-sized news. He enjoys researching market news, industry trends, and reports. His research expertise is also readily presented in articles such as the QFI<\/a>\u00a0scheme, and informative articles such as the\u00a0FIA article series<\/a>.\u00a0\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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In \u201cThe Clearing Environment, Volatility, New Products\u201d, much was discussed about the roles of central counterparties (CCPs) in the derivatives and innovation space. This includes inherent structures of the industry and how operational procedures can be built to smoothen the flow of trading from one party to the next.<\/p>

The following are some key questions and answers from the conference.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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What is the State of Asia in the Derivative Space and Products?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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From\u00a0APAC<\/strong>, the trade volume is up YOY (year-on-year) for FX, commodities, iron ore, and listed futures.<\/p>\n

From\u00a0SGX<\/strong>, the focus is placed on the NZX and SGX strategic partnership agreement to unlock and accelerate the distribution and growth potential of NZX\u2019s dairy derivatives market.<\/p>\n

Additionally, in the range of ESG (Environment, Social, and Governance) products, the exchange has also newly launched several products such as:<\/p>\n

EV batteries<\/strong><\/p>\n

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  1. SGX FM Cobalt Metals IN-WHS Rotterdam (Standard Grade) COM\/COMF<\/a><\/li>\n
  2. SGX FM Cobalt Hydroxide CIF China Futures COH\/COHF<\/a><\/li>\n
  3. SGX FM Lithium Carbonate CIF CJK (Battery Grade) LIC\/LICF<\/a><\/li>\n
  4. SGX FM Lithium Hydroxide CIF CJK (Battery Grade) LIH\/LIHF<\/a><\/li>\n<\/ol>\n

    Climate-Action Indices \u00a0<\/strong><\/p>\n

      \n
    1. SGX Index Edge (IEdge)<\/a><\/li>\n
    2. Scientific Beta<\/a><\/li>\n<\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      About Regulations\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Jurisdictions can be complicated, and markets are subjected to various sources of stress, such as geopolitics or country conflicts. Hence, interconnectivity becomes a key factor in maintaining the systems put in place by each regional zone. \u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      What parts of clearing are good to mitigate other issues?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Clearing Party Integrations<\/strong><\/p>

      In organizations, the integration of back-end and front-office space will allow clearing parties to achieve several objectives. This includes the\u00a0management of<\/strong>\u00a0defaults<\/strong>,\u00a0smart resource management<\/strong>,\u00a0risk management<\/strong>, and the\u00a0quick movement of collaterals<\/strong>. \u00a0They are also in a better position to assess the value proposition of products.<\/p>

      However, from a country\u2019s perspective, it will be crucial for clearing parties to allow for the approval of products within a reasonable timeframe. In Europe, a new product can take 12~24 months; in the US, a new product can be launched in a much shorter time. An appropriate time frame should fall somewhere in between the two spectrums.<\/p>

      Nonetheless, the CCP currently has clear, thorough rules which are beneficial to structure these processes.<\/p>


      \u6570\u5b57\u8d44\u4ea7<\/strong><\/p>

      From the digital asset front, the progress from Bitcoin to Blockchain to crypto products happened in quick succession and regulatory procedures attempted to keep up. Currently, on regulated platforms, most traders are retail driven and\u00a0remain cautious and small in proportion to the crypto market. \u00a0<\/p>

      With the FTX event that has occurred, the appetite for digital currencies is likely to decrease, and there is likely to be an erosion in market confidence. In response, more regulations are expected to kick in over the next quarter to access the profile of the products as well as to enact robust control and risk frameworks.<\/p>

      Though the cryptocurrency market is small in comparison to its counterparts such as futures or stocks, it was gathered that a spill over risk might be possible.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      Tangential To The FTX incident, Is Intermediation The Way To Go?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Limiting risks in one spot will always lead to them popping up in another place. For example, a credit risk that is limited can easily become a liquidity risk. Hence, intermediation ad curbing measures can only help within a certain range. In today\u2019s world, US\/Euro dollar might be the only currency that is liquid 24\/7.<\/p>

      Additionally, it is difficult to decide which products require intervention. For example, a hundred investors categorized as intermediate traders may not necessarily mean the equivalent of products being intermediate. Each product contains its own mechanics and controls that are studied independently.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      What are the Effects of the Unprecedented Volatility in the Market?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      With the Euro crisis, margins are expected to move around and there is predictability in the market. The lack of stress in wonton situations like this suggests that things can be taken out of equations and the market will still run smoothly.<\/p>

      Part of the smoothness in these operational pipes can be accounted for by the increasing transparency between brokers and clients. The appetite and buffers that are left by clients with the clearing house are also increasing.<\/p>

      Overall, liquidity is one of the key aspects to look out for amidst these market conditions.
      \u00a0<\/p>

      Limitations<\/strong>
      \u201cA feature of CCP is prohibitive measures, but if a majority of the trades are OTC (70%), the CCPS can only target 30%\u201d\u00a0
      – FIA Asia 2022<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      \u6211\u53f8\u63d0\u4f9b\u00a0premium customer service at an affordable cost<\/a>\u00a0to all our clients. Our team will\u00a0\u573a\u5185\u884d\u751f\u54c1\u3001<\/a>\u00a0\u53ca\u6760\u6746\u5916\u6c47\u7b49\u591a\u7c7b\u4ea7\u54c1\u3002<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

      Reading Time: <\/span> 4<\/span> minutes<\/span><\/span>In \u201cThe Clearing Environment, Volatility, New Products\u201d, much was discussed about the roles of central counterparties (CCPs) in the derivatives and innovation space. This includes inherent structures of the industry and how operational procedures can be built to smoothen the flow of trading from one party to the next.<\/p>","protected":false},"author":3,"featured_media":5564,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"enabled","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":"","_links_to":"","_links_to_target":""},"categories":[35],"tags":[],"post_language":[],"class_list":["post-5562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-glossary"],"yoast_head":"\nThe Role of Central Counterparties - 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