Central Banking

CCPs: too interconnected to fail?

Many significant changes in financial regulation are viewed in the ‘before and after' eras of the financial crisis of 2008–09, including the focus on financial derivatives risk management – in particular, regarding over-the-counter derivatives. Among the key changes implemented in the 'after' era is the mandatory use (implemented or expected) of central counterparties (CCPs) by dealers and agents for the clearing of OTC derivatives.

The mandate has focused attention on how good (or bad) CCPs ar

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