CCPs may need public sector support


Central counterparties (CCPs) may require public sector support in the event of simultaneous defaults of a number of participants, according to Bank for International Settlements (BIS) economists.

In a paper published in the BIS's quarterly review on September 14, entitled Central counterparties for over-the-counter derivatives, questions were raised as to whether CCPs should have access to central bank credit facilities. The paper was authored by a team including Stephen Cecchetti, head of the

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