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Author:Steigerwald, Robert 

Journal Article
The role of time-critical liquidity in financial markets

This article examines the growing dependence of global financial markets on time-critical liquidity in managing settlement risk and its implications for financial regulation.
Economic Perspectives , Volume 37 , Issue Q II

Newsletter
Financial market utilities and the challenge of just-in-time liquidity

Financial market utilities ensure that clearing, settlement, and payments operations go smoothly. This article explores how these systems mitigate settlement risk, using precisely targeted ?just-in-time? liquidity, and discusses the risks for financial stability implied by the increasing role of just-in-time liquidity in our financial markets.
Chicago Fed Letter , Issue Nov

Newsletter
International regulatory cooperation after the crisis

The heads of state of a broad coalition of nations, the Group of Twenty (G-20), met in September 2009 in Pittsburgh to chart the course of recovery from the financial crisis and set internationally agreed-upon objectives for the reform of regulatory policy.
Chicago Fed Letter , Issue Nov

Newsletter
What is clearing and why is it important?

In the financial market disruption of 2007?08, the once arcane topic of clearing of financial products took center stage in major policy debates. Generally speaking, clearing has to do with the nuts and bolts of the contractual performance of financial products after they have been traded.
Chicago Fed Letter , Issue Sep

Newsletter
2015 Conference on Central Counterparty Risk Management: Resolution

The Federal Reserve Bank of Chicago hosted its second annual Conference on Central Counterparty Risk Management on November 3, 2015. Panelists from regulatory authorities, central counterparties (CCPs), CCP service providers, financial institutions, and resolution authorities discussed initiating CCP resolution proceedings, managing a CCP in resolution, and consultation and coordination during CCP resolution proceedings.
Chicago Fed Letter

Journal Article
Derivatives clearing and settlement: a comparison of central counterparties and alternative structures

Most exchange-traded and some over-the-counter (OTC) derivatives are cleared and settled through clearinghouses that function as central counterparties (CCPs). Most OTC derivatives are settled bilaterally. This article discusses how these alternative mechanisms affect the functioning of derivatives markets and describes some of the advantages and disadvantages of each.
Economic Perspectives , Volume 30 , Issue Q IV

Journal Article
Policymakers, researchers, and practitioners discuss the role of central counterparties

This article summarizes a conference, titled ?Issues Related to Central Counterparty Clearing,? cosponsored by the Federal Reserve Bank of Chicago and the European Central Bank on April 3?4, 2006. The conference brought together industry executives, policymakers, and research economists to evaluate current public policy issues involving central counterparties.
Economic Perspectives , Volume 30 , Issue Q IV

Journal Article
OTC Derivatives—A Primer on Market Infrastructure and Regulatory Policy

In this article, we discuss some recent developments relating to the regulation of derivatives markets, specifically the Group of Twenty (G-20) mandates, and examine the infrastructure that supports derivatives markets (including both the trade execution and post-trade clearing and settlement processes). Then we identify some of the policy issues raised by the G-20 market structure mandates. To provide a foundation for that discussion, first we explain some key concepts and terms.
Economic Perspectives , Issue Q III , Pages 80-99

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