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“Closing the gaps: moving forward on tail risks in central clearing†: a central bank of issue perspective

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  • Klaus Löber
  • Corinna Freund

Abstract

Central counterparty (CCP) risk management has been a top priority since mandatory central clearing was introduced, given that increased systemic risk concentration needs to be accompanied by stronger safeguards. Although much has been achieved in recent years to improve CCP risk management, there is still much to be done, particularly on “end of waterfall†scenarios. This paper explains the priorities from a central bank of issue perspective for CCP recovery and resolution. It focuses on structural barriers to effective CCP resolution planning and suggests how the respective gaps could be overcome.

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Handle: RePEc:rsk:journ7:7954433
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File URL: https://www.risk.net/system/files/digital_asset/2022-10/jfmi_loeber_web.pdf
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