It is often said that learning to recover from mistakes is more important than trying not to make any at all, but critics of swap market clearing houses claim the sector has got it the wrong way round – investing heavily in the infrastructure required to clear swaps, while the resources and practices that would set them back on their feet after a heavy loss remain scarily inadequate.
At the core of the issue is how CCPs would recover from the default of one or more of their clearing members
- Bank risk manager of the year: UBS
- People moves: Asia hires at Credit Suisse, new UBS data role, NatWest takes UBS's Duclos, and more
- Asia moves: BlackRock picks new Asia head, Credit Suisse boosts regional solutions, and more
- We need a different approach to supervisory stress-testing
- Risk solutions house of the year: HSBC