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Book Cover
E-book
Author Wendt, Froukelien, author.

Title Central counterparties : addressing their too important to fail nature / prepared by Froukelien Wendt
Published [Washington, D.C.] : International Monetary Fund, ©2015

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Description 1 online resource (25 pages) : illustrations
Series IMF working paper, 1018-5941 ; WP/15/21
IMF working paper ; WP/15/21.
Contents Cover; Abstract; Contents; I. Introduction; II. Benefits and Costs of Central Clearing; III. Interconnectedness of Central Counterparties; Tables; 1. Benefits and Costs of CCPs; Figure 1. Possible Contagion Channels in a CCP's Ecosystem; Box 1. The CCP Risk Waterfall; 2. Size of Markets and Activity of CCPs, 2013; IV. Are the Current Measures Sufficient?; 3. Governance Structures of Largest CCPs Worldwide; 4. Current Measures to Reduce the Probability and Impact of a CCP's Failure; V. Additional Measures; 5. Proposed Measures to Reduce Systemic Risks; VI. Conclusions; References
Summary Central counterparties (CCPs) can offer significant benefits to a market. However, CCPs are also highly interconnected with financial institutions and markets and therefore too important to fail. The increased volumes cleared through CCPs and their increasing global scope, in particular in the OTC derivatives market, make it even more important that systemic risks related to CCPs are managed. This paper argues that the current set of international policy measures does partly address these risks, but that alternative policy measures are needed to reduce remaining systemic risks. For example, the paper recommends network analysis to be conducted by CCPs and authorities to gauge potential losses and suggests a common international approach to central bank services to help reduce the dependency of CCPs on services provided by commercial banks. --Abstract
Notes "January 2015."
"Monetary and Capital Markets."
Bibliography Includes bibliographical references (pages 23-24)
Notes Online resource; title from pdf title page (IMF.org Web site, viewed January 29, 2015)
Subject Clearinghouses (Banking)
International clearing.
Financial institutions, International.
Over-the-counter markets.
Financial risk management.
Crisis management -- Economic aspects
International economic relations.
Clearinghouses (Banking) -- State supervision
Clearinghouses (Banking)
Financial institutions, International
Financial risk management
International clearing
International economic relations
Over-the-counter markets
Form Electronic book
Author International Monetary Fund. Monetary and Capital Markets Department.
ISBN 147557293X
9781475572933
9781498322058
1498322050