Clearing and settlement not keeping up: SNB’s Hildebrand
Time and again, it becomes apparent that the infrastructure for clearing and settling transactions is not keeping up with rapidly growing financial markets, Philipp Hildebrand, a member of the Swiss National Bank's governing board, said on Tuesday.
In recent years, this had, he said, been most obvious in the over-the-counter (OTC) derivatives market. "Pressured by supervisory authorities and central banks, market participants are now developing safer and more efficient clearing and settlement
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