Federal Reserve Bank of Chicago
John McPartland was a Senior Policy Advisor in the Financial Markets Group of the Federal Reserve Bank of Chicago. He retired from the Federal Reserve Bank of Chicago in 2019. During his lengthy career, he was a settlement banker, a senior executive of two FCMs, deputy manager of a major CCP and a frequent speaker at industry fora. He currently serves on the Business Conduct Committees of the CBoT and CME.
Allowing more clients to self-clear can reduce CCPs’ reliance on a few firms, says ex-Chicago Fed adviser
Concentration in cleared derivatives: the case for broadening access to direct central counterparty clearing
In this paper, the authors explore the benefits and challenges of encouraging major end-users of derivatives to become direct clearing members of central counterparties (CCPs).
One for my baby (and one more for the road): incentives, default waterfalls and central counterparty skin-in-the-game
In this paper, the authors argue that both for-profit central counterparties and their clearing members should contribute to the default waterfall, with a CCP’s two contributions coming directly before and directly after the tranche of clearing member…
In this paper, the authors answer three questions about the appropriate allocation of nondefault losses at central counterparties.
This paper stuides a relevant policy question: does interoperability of cash equity CCPs also imply that it is beneficial to introduce interoperability for derivative CCPs?