Market infrastructures

CCPs’ resilience has to be improved

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While significant progress has been made since the default of Lehman in 2008, a significant amount of work remains to be done to complete the global financial markets infrastructure to the robust standard necessary. There are a number of areas where scope remains for improvement: default management, governance, disclosure and transparency, recovery and resolution.


Following the G20 summit in Pittsburgh in September 2009, Central counterparties have become, by design, an increasingly central pillar of the global financial system. This was driven by the resilience shown by CCPs during the crisis and, in particular, their ability to continue clearing contracts as bilateral markets dried up as well as their ability to default-manage the numerous derivative portfolios held by Lehman across CCPs around the world. These portfolios were auctioned, liquidated or transferred within a short time after the default at a cost which did not exceed the collateral posted ...

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Revue Banque Nº838bis