Central Banking

More reforms needed to tackle CCP risks, warns IMF paper

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IMF headquarters

International efforts to increase the resilience of central counterparties (CCPs) have improved financial stability but still fail to address all the risks, according to a working paper published by the International Monetary Fund (IMF).

Central Counterparties: Addressing their Too Important to Fail Nature by Froukelien Wendt, a senior financial expert at the IMF, identifies four major outstanding risks. Interconnectedness forms the core of the issue.

CCPs have in place a "risk waterfall", which

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