Robert S. Steigerwald
Federal Reserve Bank of Chicago
Robert Steigerwald is a Senior Policy Advisor in the Financial Markets Group at the Federal Reserve Bank of Chicago.
Robert began his career with Kirkland & Ellis, an international law firm based in Chicago, where he represented the Board of Trade of the City of Chicago, the Board of Trade Clearing Corporation and National Futures Association, as well as other clients. He later served as legal counsel for a clearinghouse for foreign currency transactions and was instrumental in developing the CLS Bank, a multicurrency, payment vs. payment system for the settlement of FX transactions.
Robert joined the Federal Reserve Bank of Chicago in 2000 and is a member of the U.S. Commodity Futures Trading Commission’s Market Risk Advisory Committee. He also has represented the Chicago Fed in the OTC Derivatives Regulators’ Forum, an international forum for information sharing and regulatory cooperation among central banks, prudential supervisors and securities and markets regulators.
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“Incomplete demutualization” and financial market infrastructure: central counterparty ownership and governance after the crisis of 2008–9
This paper examines risk management governance challenges of the demutualized CCP ownership model and the incentives faced by “incomplete demutualization”, where clearing members remain the ultimate underwriters of CCP default risk.