regulation of the financial system. …

A default in the Automated Clearing Settlement System (ACSS) occurs when a Direct Clearer is unable to settle its final …

relatively large number of asset classes, central clearing increases the mean and variance of net exposures, which may lead to … expected netted exposures. This may explain why, in the absence of regulation, traders in a derivatives network may not develop …

clearinghouse that acts as a seller to every buyer and a buyer to every seller. Proponents of central clearing argue that this … benefits of central clearing are manifest, the downsides are less obvious; clearinghouses concentrate risk and pose enormous … access to central bank credit is crucial, particularly when central clearing of volatile CDSs is required …