[eng] The importance of total value of transactions processed annually by clearing, securities settlement and payment systems reflects the lynchpin role played by post-trading infrastructures. With this important role comes systemic risk, however, in the sense that a system malfunction or the...

[eng] Post-traded market institutions : is there a risk of financial system destabilization ? . The importance of clearing and settlement systems creates systemic risks because a functioning failure or the inability of a user to discharge its commitments will likely lead to a series of failures....