Clearing and settlement demystified

Chicago Fed Letter | January 1, 2005| | Copyright

This article explains how clearing and settlement systems support a sound financial system. In particular, the article analyzes the role of CCPs (central counterparties) in managing risk in the securities and derivatives markets and some of the relevant public policy issues.

Because of its role in fostering a sound financial system, the Federal Reserve Bank of Chicago has a keen interest in clearing and settlement systems for securities and derivatives1 products and, in particular, the risk management, banking, and payment systems that support such settlements. The Seventh Federal Reserve ...

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