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Central Counterparties and Systemic Risk

In this insightful and provocative White Paper, Tim Reucroft (Chairman, Advisory Board) and Ana Giraldo (Chief Risk Officer) respond to recent controversy in the CCP space, reiterating and reinforcing the Systemic Risk Council's concerns about the Financial Stability Board's direction of travel regarding CCPs.
The authors argue that CCPs have become one of central actors within the derivatives marketplace, functioning precisely as required during key crises and providing significant economic and political advantages. There are, however, 'massive flaws' in the CCP model, posing systemic risks which are, by their very nature, unpredictable and potentially catastrophic.
While views expressed in this paper are entirely the authors' own, they present an extraordinary analysis of the systemic importance of CCPs, as well as the risks they pose.