A CCP is a CCP is a CCP
Banks, it is often said, are ‘special’. Central counterparty clearing houses (CCPs) also are special, in that they can be systemically important – but banks and CCPs are special in very different ways.
CCPs are not banks. They do not perform the central risk-taking function that distinguishes banking: asset/liability (or maturity) transformation through deposit taking and lending and related activities.1 The balance sheet of a CCP is “quite different from those of other major types of
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