Central counterparty clearing: History, innovation, and regulation
As many of you know, I became a member of the
Board of Governors of the Federal Reserve System
only a month ago. I am delighted to be giving my first
speech as a governor at a conference that has resulted
from the kind of international cooperation that I see
as essential in today’s world. The joint sponsorship of
this conference by the European Central Bank (ECB)
and the Federal Reserve Bank of Chicago (Chicago
Fed) represents an extremely fruitful collaboration of
researchers, market participants, and policymakers
from both sides of the Atlantic. Having been a research
consultant at the Chicago Fed for many years and having
visited the ECB numerous times since its founding
less than eight years ago, I have many friends at
both institutions and am pleased to see so many of
those friends here today.