21 - April 2017 - The impact of financial reforms  Central clearing: reaping the benefits, controlling the risks Benoit Cœuré  the inherent procyclicality of CCPs’ margin and collateral policies makes it less likely that banks may be exposed to sudden and steep increases in collateral requirements and related liquidity strains in tightened market conditions.
However, given that banks and CCPs are quite dissimilar in terms of their risk profile, risk controls and balance sheets, the regulatory tools applied to them are different.