Fri 18 Nov 2022 - 15:00 GMT / 10:00 EST

The question is not whether CCP margin is to “blame” for the dash-for-cash

the question is does the system have enough liquidity ready in the right places to respond to derivative market volatility, without adverse consequences for financial stability

James believes the answer is no, and that the LDI debacle is therefore a metaphor for non-linear risk unwinds to come