2004 Comment Letters
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Date Mailed:
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June 8, 2004
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Topic:
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Recommendations for Central Counterparties (PDF,280KB) |
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The Bank for International Settlements' (BIS) Consultative Report of the Task Force on Securities Settlement Systems entitled Recommendations for Central Counterparties set out comprehensive standards for the design, operation, and oversight of securities settlement systems that utilize a central counterparty (CCP) in the clearing and settlement of financial transactions. With Chicago as the home for a number of important exchanges and commercial banks that provide settlement services to market participants, the Federal Reserve Bank of Chicago (FRBC) has a special interest in the formulation of such standards. In its response, FRBC indicated that it believes, on balance, the recommended standards are sufficiently comprehensive and flexible to be useful for their intended purpose. The FRBC response also suggests certain revisions concerning the scope and application of the recommendations that it believes would be helpful.
The submission includes a letter from President Moskow accompanied by a paper authored by an interdisciplinary team that included Richard Lamm, John McPartland, Tara Rice, and Robert Steigerwald.
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