A Financial System Perspective on Central Clearing of Derivatives

Jerome H. Powell

Chapter 3 in The New International Financial System:Analyzing the Cumulative Impact of Regulatory Reform, 2015, pp 47-59 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Thank you for the opportunity to address the important topic of how the financial system and its regulation have evolved in response to the global financial crisis. I will focus my remarks on the global initiative to expand central clearing of over-the-counter (OTC) derivatives. While we have made significant progress in enlisting central clearing to reduce systemic risks, I will argue that there is a good deal more to do to ensure that the reforms achieve their potential and minimize the possibility of unintended and undesirable consequences…

Keywords: Financial Stability; Systemic Risk; Financial Regulation; Too-Big-to-Fail; Regulatory Burden; Financial Institutions (search for similar items in EconPapers)
Date: 2015
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