in relation to clearing members’ guaranty fund contributions), potential exposures arising from alternative measures, such as gains-based haircutting of variation margins (VMGH) or partial tear-up may be difficult to predict and prepare for as they depend on open positions and market movements at an uncertain point in the future.
The allocation of additional financial resources to support research and innovation is a step in the right direction, but it is not sufficient. Mechanisms should be put in place to ensure that the envisaged increase in funding is both effectively and efficiently utilised.