The paper is the text of a keynote address by Marc Bayle de Jessé presented at the conference.
There are only a handful of products where clearing volumes are evenly split between rivals
This paper examines the impact of market structure and payment assumptions on the fragility of various networks.
This paper describes the current policy for recovery and resolution of CCPs and assesses the tool kit for resolution of them.
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Central clearing has had a beneficial effect on the over‑the‑counter derivatives market, but for some products the road to a cleared model has not been smooth. Capital, operational and margin costs of the non-cleared market have increased, while…
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