Federal Reserve Bank of Chicago
Rebecca Lewis is an analyst in the financial markets group at the Federal Reserve Bank of Chicago. Her work focuses on public policy concerning financial market infrastructures. Her current research interests include central counterparty recovery, resolution and risk management, as well as the effects of financial technology innovation on markets. She received a B.A. in Economics from Williams College.
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?