Edgar Mai is an independent senior consultant in the field of trading systems and financial market regulation. He owns the consulting company Mainstay based in Frankfurt. He was previously manager at BearingPoint, covering capital markets. During 18 years in financial industry, he has advised banks, asset managers and stock exchanges. Edgar graduated in Business Administration at the Goethe University in Frankfurt, Germany.
In this paper, the authors compare the data from three major clearing houses concerning tail losses and member concentration.