Fed official defends clearing incentives report

Risk Derivatives Clearing: pilloried report was "clearly useful", says clearing official

BIS report on clearing incentives was "clearly useful"

A US regulator has defended a much criticised attempt to weigh up the pros and cons of central clearing, arguing the report – which offered a heavily caveated endorsement of the regulatory framework – was "clearly useful". Johanna Schwab, assistant vice president of payments, clearing and settlement for the Federal Reserve Bank of New York, also said a definitive answer might be some way off.

"I think we need to wait and see how things play out over the next year or so," she told attendees at

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