Central Clearing: Trends and Current Issues

18 Pages Posted: 8 Dec 2015

See all articles by Dietrich Domanski

Dietrich Domanski

Bank for International Settlements (BIS)

Leonardo Gambacorta

Bank for International Settlements (BIS); Centre for Economic Policy Research (CEPR)

Cristina Picillo

Bank for International Settlements (BIS)

Date Written: December 6, 2015

Abstract

Central clearing of standardised financial instruments, as promoted by the G20 Leaders, addresses some of the financial stability risks that materialised during the Great Financial Crisis. Its rapid evolution since 2009 may have changed the linkages between central counterparties and the rest of the financial system. Against the backdrop of these trends, this article discusses how, and through which mechanisms, central clearing might have affected systemic risk.

JEL Classification: G01, G14, G18, G28

Suggested Citation

Domanski, Dietrich and Gambacorta, Leonardo and Picillo, Cristina, Central Clearing: Trends and Current Issues (December 6, 2015). BIS Quarterly Review December 2015. Available at SSRN: https://ssrn.com/abstract=2700257

Dietrich Domanski (Contact Author)

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4002
Switzerland

Leonardo Gambacorta

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4002
Switzerland

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Cristina Picillo

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4002
Switzerland

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