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Economic Perspectives, Vol. 30, No. 4, November 2006
Central counterparties: The role of multilateralism and monopoly
It is a great pleasure for me to speak tonight at this joint conference of the European Central Bank (ECB) and the Federal Reserve Bank of Chicago (Chicago Fed) on central counterparty (CCP) issues. Central counterparties were the topic of the very first workshop in the field of payment and settlement issues that I organized as a member of the Executive Board of the ECB. I am also happy to attend a conference co-organized by the ECB and the Chicago Fed, since it represents an example of multilateral cooperation between monopolistic institutions!
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