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Clearing: Perspectives on Industry Developments and Learnings From the Covid Crisis

June 4, 2021

LaSalle Street hosts a discussion with executives representing exchanges, swap dealers, clearinghouses and asset managers on the impact of the Covid crisis and what to watch for as the pandemic eases.

Ketan Patel, Policy Advisor and Head of Financial Markets Risk Analysis in the Chicago Fed’s Financial Markets Group, hosts this episode. Alessandro Cocco, Vice President of the Financial Markets Group at the Chicago Fed, provides an introduction.

Joining the podcast for this episode are Teo Floor, Chief Executive Officer of CCP12; Ulrich Karl, Head of Clearing Services at the International Swap Dealers Association; Pedro Gurrola Perez, Head of Research at the World Federation of Exchanges; and Jason Silverstein, Associate General Counsel at the Securities Industry and Financial Markets Association.

The guests delve into a range of clearing and trading related topics including margining, pro-cyclicality, loss allocation, market structure, and the recent events around Archegos Capital Management. The discussion includes the prospects of clearing other asset classes, while guests provide their perspectives on the March 2020 market stress and lessons that can be learned.

View transcript


On Mic

Ketan Patel

Ketan Patel

Policy Advisor and Head of Financial Markets Risk Analysis
Federal Reserve Bank of Chicago

Host

Pedro Gurrola Perez

Pedro Gurrola Perez

Head of Research
World Federation of Exchanges

Guest

Ulrich Karl

Ulrich Karl

Head of Clearing Services
International Swap Dealers Association

Guest

Teo Floor

Teo Floor

Chief Executive Officer
CCP12

Guest

Jason Silverstein

Jason Silverstein

Associate General Counsel
Securities Industry and Financial Markets Association

Guest


The views expressed on LaSalle Street are the speakers’ own and do not necessarily reflect the views of the Federal Reserve Bank of Chicago or the Federal Reserve System. Any links to external resources or websites are provided for informational purposes only.

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