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Financial Market Group

The Federal Reserve Bank of Chicago's Financial Markets Group is a multidisciplinary initiative to study financial markets and the clearing and settlement operations that support these markets, with particular focus on Chicago derivatives exchanges and clearinghouses.


New Additions to the Financial Markets Group

Two new staff members have joined the FMG—vice president Alessandro Cocco (read the press release here) and senior policy advisor and director of international engagement Maggie Sklar (read the press release here).

Controlling Risk in a Lightning-Speed Trading Environment 

High-frequency algorithmic trading strategies rely on computerized quantitative models that identify which type of financial instruments to buy or sell (e.g. stocks, options or futures), as well as the quantity, price, timing and location of trades.  Carol Clark discusses in this edition of the Chicago Fed Letter the advantages and disadvantages of this technology-dependent trading environment and how its risks are controlled.

Financial Market Utilities and the Challenge of Just-in-time Liquidity

Financial market utilities ensure that clearing, settlement and payments operations go smoothly. In this edition of the Chicago Fed Letter, Richard Heckinger, David Marshall and Robert Steigerwald explore how these systems mitigate settlement risk, using precisely targeted "just-in-time" liquidity, and discuss the risks for financial stability implied by the increasing role of just-in-time liquidity in our financial markets.

Clearing and Settlement of Exchange-traded Derivatives

Derivatives are a class of financial instruments that derive their value from some underlying commodity, security, index or other asset. Futures and options are common forms of derivatives. John W. McPartland explains in this edition of the Chicago Fed Letter how clearing and settlement systems for exchange traded derivatives work.

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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