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Showing results 1 to 10 of approximately 10.
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Speech
Lessons from the financial crisis: remarks at The Economic Club of New York, New York City
Remarks at The Economic Club of New York, New York City.
Speech
Global financial stability - the road ahead
Remarks at the Tenth Asia-Pacific High Level Meeting on Banking Supervision, Auckland, New Zealand
Working Paper
Central Clearing and Systemic Liquidity Risk
By stepping between bilateral counterparties, a central counterparty (CCP) transforms credit exposure. CCPs generally improve financial stability. Nevertheless, large CCPs are by nature concentrated and interconnected with major global banks. Moreover, although they mitigate credit risk, CCPs create liquidity risks, because they rely on participants to provide cash. Such requirements increase with both market volatility and default; consequently, CCP liquidity needs are inherently procyclical. This procyclicality makes it more challenging to assess CCP resilience in the rare event that one or ...
Speech
The importance of incentives in ensuring a resilient and robust financial system: remarks at the U.S. Chamber of Commerce, Washington, D.C.
Remarks at the U.S. Chamber of Commerce, Washington, D.C.
Speech
Remarks on the panel Financial Regulation Nine Years on from the GFC – Where Do We Stand? at the G30’s 76th plenary session at the Federal Reserve Bank of New York, New York City
Remarks on the panel Financial Regulation Nine Years on from the GFC ? Where Do We Stand? at the G30?s 76th plenary session at the Federal Reserve Bank of New York, New York City.
Speech
Remarks at The Evolving Structure of the U.S. Treasury Market: Third Annual Conference, Federal Reserve Bank of New York, New York City
Remarks at The Evolving Structure of the U.S. Treasury Market: Third Annual Conference, Federal Reserve Bank of New York, New York City.
Speech
More resilient, better managed, less complex: strengthening FMUs and linkages in the system
Remarks at the Securities Industry and Financial Markets Association Conference, Boca Raton, Florida
Newsletter
Taking a Deep Dive into Margins for Cleared Derivatives
Central counterparties (CCPs) are institutions that become the buyer to every seller and seller to every buyer in cleared markets. By design, CCPs have a matched book of positions. As a result, their liabilities to clearing members with winning positions are exactly matched by incoming payments from those on the losing side of positions.
Speech
Remarks at the CPMI’s 25th Anniversary Conference
Remarks at the Committee on Payments and Market Infrastructure?s 25th Anniversary Conference, Bank for International Settlements, Basel, Switzerland.
Working Paper
The Concentration of Cleared Derivatives: Can Access to Direct CCP Clearing for End-Users Address the Challenge?
Cleared derivatives contracts are now concentrated among a small and dwindling number of institutions. Many policymakers and regulators have argued that this concentration has adverse consequences, some of which may have systemic risk implications. The authors explore the benefits and challenges of encouraging major end-users of derivatives to become direct clearing members of central counterparties (CCPs). If done prudently, increasing and diversifying the pool of clearing members and redistributing outstanding derivatives contracts across them may help CCPs become more resilient.