Rausser, Gordon; Balson, William; Stevens, Reid - In: Journal of Financial Economic Policy 2 (2010) December, pp. 346-359
urpose – Systemic risk propagated through over-the-counter (OTC) derivatives can best be managed by a public-private central counterparty clearing house. The purpose of this paper is to outline the market microstructure necessary for such a clearing house. Design/methodology/approach – The...