The Risk Controllers: Central Counterparty Clearing in Globalised Financial Markets Hardcover – 13 Apr 2011
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‘…an excellent new book .’ (FT.com, May 2011). ′a unique and accessible guide′ Journal of Applied IT & Investments ‘combining the best of gumshoe reporting with an eye for colour’ Financial Times (October 2011)
From the Back Cover
Clearing houses, or CCPs, were among the very few organisations to emerge from the global financial crisis with their standing enhanced. In the chaotic aftermath of the bankruptcy of Lehman Brothers, they successfully completed trades worth trillions of dollars in a multitude of financial instruments across listed and over–the–counter markets, and so helped avert financial Armageddon.
That success transformed the business of clearing. Governments and regulators around the world gave CCPs and the clearing services they provide a front–line role in protecting the global economy from future excesses of finance. CCPs, which mitigate risk in financial markets, responded by greatly expanding their activities, notably in markets for over–the–counter derivatives, and often in fierce competition with one another.
In The Risk Controllers, journalist and author Peter Norman describes how CCPs operate, how they handled the Lehman default, and the challenges they now face. Because central counterparty clearing is a complex business with a long history that continues to influence decisions and structures even in today′s fast changing world, The Risk Controllers explores the development of CCPs and clearing from the earliest times to the present.
It draws on the experiences of the people who helped to shape the business of clearing today. It sets the development of CCPs and clearing in the broader context of changes in society, politics and regulation. The book examines turning points, such as the 1987 stock market crash, that set clearing on a new path and the impact of long running trends, including the exponential growth of computer power and the ebb and flow of globalisation.
Written in non–technical language, The Risk Controllers provides a unique and accessible guide to CCPs and clearing. It is essential reading for clearing professionals, legislators and regulators whose job it is to take this vitally important business into the future.See all Product Description
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Top Customer Reviews
Having been involved directly since the late 90ies with the creation of the Giovannini group and the many other initiatives it was rewarding to read the last 10 years history of the CCP debate. Often issues he mentioned came back to mind, so it was a refreshing course and in a way helped me to prepare for the next book he is now writing.
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