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Chicago Fed Letter, No. 101, January 1996
Improving Regulatory Standards for Clearing Facilities
This Fed Letter summarizes a working paper released by the Economic Research Department of the Federal Reserve Bank of Chicago which applies an economic analysis to the subject of clearing facilities for multilaterally net trades. By highlighting the aspects of such facilities that may increase the vulnerability of the financial markets to systemic risk, Hanley et al. (1995) establish the interest of central banks in monitoring and/ or regulating their activities.
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