Cat bonds can help combat the systemic risks of CCPs

Bonds could pre-fund CCP default funds and higher margins during market stress, authors argue


Shane Worner is a senior economist at the International Organization of Securities Commissions (Iosco) and Jeremy Bray is principal of Halevi.Tarleton, an economics, regulatory and policy consultancy. The views expressed in this article are those of the authors and do not necessarily represent the views of their organisations or members.

With relevant legislation having been enacted in the US and Europe, and financial market participants adjusting their practices to comply, the implementation

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here