This note discusses the basic economics of central clearing for derivatives and the need for a proper regulation …, supervision and resolution of central counterparty clearing houses (CCPs). New regulation in the U.S. and in Europe renders the … contagion risk in the financial industry and the creation of a significant systemic risk. However, so far, regulation and …

The introduction of the Securities Financing Transactions Regulation into EU law provides a unique opportunity to … obtain an in-depth understanding of repo markets. Based on the transaction-level data reported under the regulation, this … reported under the regulation can support the policy work of central banks and supervisory authorities. We demonstrate that …

return to ‘club' regulation though institutions independent of both the market and democracy (proposals for centrals banks or …This chapter calls for democratic accountability and steering of financial market regulation, supporting national … about ‘club' or gentlemanly regulation) and ‘economic capital' (market models and other forms of knowledge developed by …