欧洲央行：监管机构可以确保“最佳”保证金设定
欧洲央行（ECB）的一项研究发现，在市场出现负面冲击的情况下，监管机构可以确保市场参与者缴纳“最佳比例”的保证金，而不是专注于保证金本身。
欧洲央行解释说，通过对变动保证金和甩卖的分析，监管机构可以通过促进相关交易对手之间的所谓事前合同，帮助增强对负面市场冲击的抵御能力，并减少甩卖的情况。
分析表明，监管机构可以通过促进所有相关交易对手之间的事前合约，以及根据触 发变动保证金要求的合约视情况而定，而不是通过专注于监管保证金设定来确保市场参与者之间的保证金设定是最佳的。
欧洲央行解释说，在2007-2009年金融危机之后，监管机构已促使在衍生品市场使用保证金或抵押品以避免交易对手风险。
ECB：Regulators could ensure "optimal" margin setting
Regulators could ensure "optimal" margin setting among market participants, rather than margin setting as such, in the event of negative market shocks, a European Central Bank (ECB) study found.
Following an analysis into variation margins and fire sales, the ECB explained that regulators could help increase resilience to negative market shocks, and reduce fire sales, by facilitating so-called ex ante contracting among relevant counterparties.
The analysis suggests that regulators can ensure that margin setting among market participants is optimal by facilitating ex-ante contracting among all relevant counterparties, and by creating contracts contingent on the events triggering variation-margin calls, rather than by focusing on regulating margin-setting as such.
The ECB explained that following the 2007-2009 financial crisis, regulators had promoted the use of margins or collateral in the derivatives market to avoid counterparty risk.
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