The victims and their day in court -- Going on the offensive -- After Madoff : waiting for justice -- A touch of greed, fragile egos, and more -- Diminished selves, picking up the pieces, and other matters : three clients speak -- Some activists speak -- How Madoff did it : victims' accounts --...

Central counterparties (CCPs) have increasingly become a cornerstone of financial markets infrastructure. We present a model where trades are time-critical, liquidity is limited and there is limited enforcement of trades. We show a CCP novating trades implements efficient trading behaviour. It...