The Financial Regulation Forum
Clearing houses
Payments systems and systemic risk
The case for more CHAPS settlement banks, Speech by Chris Salmon. In a speech delivered at a breakfast hosted by the Yorkshire and Humberside Network of the ifs School of Finance, Chris Salmon, Executive Director of Banking Services and Chief Cashier, explains why the Bank of England believes that the currently rather limited direct membership [...]
Clearing houses as system risk managers
03 Jun. Clearing houses as system risk managers, speech by Paul Tucker, BoE. In a speech at the launch of the Depository Trust & Clearing Corporation (DTCC) – Centre for the Study of Financial Innovation (CSFI) Post-Trade Fellowship, Paul Tucker – Deputy Governor for Financial Stability, member of the Monetary Policy Committee and member of [...]
Developments in the clearing industry and the implications for financial stability
The Basle Committee on Payment and Settlement Systems (CPSS) report Market structure developments in the clearing industry: implications for financial stability, central bankers examine developments in the clearing industry’s market structure, their drivers and the implications for financial stability. First, the report provides a broad overview of the clearing industry in CPSS countries, covering both [...]
Derivatives: Tougher rules are needed but may go too far
The next proposal on financial regulation from the US Treasury to be sent to Congress covers the $590 trillion market for over-the-counter derivatives, with particular emphasis on the credit-default swaps (CDSs) that humbled American International Group. Once lauded as a way of offering protection against the risk of companies defaulting, CDSs instead magnified uncertainty as buyers [...]
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