of losses and the question of whether and how to provide for continuity of clearing services. I discuss how one might …

) derivatives. The central clearing of standardised OTC derivatives is a pillar of the G20 Leaders' commitments to reform OTC … concludes that the reforms - particularly capital requirements, clearing mandates and margin requirements for non …-centrally cleared derivatives - are achieving their goals of promoting central clearing, especially for the most systemic market …

, given the volume of rules written and their importance. This paper introduces mandatory clearing of over … clearing, this leads to suggestions both for the design of the policy and for potential improvements in the rule making process …

of scale. From a European perspective, it should be noted that the clearing of euro-denominated OTC derivatives mainly …