I took away that they are moving from a monthly reconciliation to a daily instead for assessing exposure risk.
DTCC doesn't want hedges to become so overextended that debts in case of failure spill over into the DTCC needing to cover the HF losses. And alot changes in a month. Either the HF has enough liquidity to cover their own mistakes or they don't...and forced margin/buy-in/closing needs to happen on a more timely fashion if they don't have the means to cover.
Basically the DTCC will be monitoring these hedgies risk DAILY and will slapping margin calls on their butts to mitigate the risks to the DTCC... Per the language it’s even “intraday” as well. I’m pretty sure if they enforce what is written, the party is over for FTD’s and margin calls are on the way. Per my understanding of it anyways.
Crooked hedgies: “we need a bailout because we sold a shit ton of naked calls that we will go bankrupt if we have to go into the market to buy back”
DTCC: “no and here’s your margin call.. post collateral and go bankrupt for all we give a shit”.... dunno, I’m no lawyer but what I read seems like the DTCC does not want to float the bill of what’s fixing to happen to some naked sellers when things start squeezing.
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