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The Risk Controllers: Central Counterparty Clearing in Globalised Financial Markets - Norman, Peter
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Norman, Peter:
The Risk Controllers: Central Counterparty Clearing in Globalised Financial Markets - gebrauchtes Buch

2008, ISBN: 9780470686324

ID: 11985200

Crises create unlikely heroes. The bankruptcy of Lehman Brothers on 15 September 2008 was no exception.  When Lehman sought protection from its creditors in the US that day a small number of specialist financial institutions sprang into action to keep the world’s securities and derivatives exchanges at work.   First in Europe, and later around the globe, central counterparty clearing houses, or CCPs, stepped in to rescue trillions of dollars worth of trades caught up in the Lehman collapse. Without their action, the global financial meltdown threatened by the failure of the 158 year old investment bank would have been an instant reality. These little known organizations fulfilled their emergency role of successfully completing trades that they had guaranteed. They also ensured that the world’s securities and derivatives exchanges could continue to function and handle trading volumes that leapt into the stratosphere as prices for shares, bonds and other exchange traded instruments gyrated wildly in the crisis. Lehman’s bankruptcy placed in jeopardy trillions of dollars worth of transactions conducted by and through the investment bank and its many subsidiaries. Assets were caught in limbo, spreading financial hardship, and in some cases collapse, to companies at the other end of these trades. As became clear when bankruptcy administrators on both sides of the Atlantic tried to make sense of the wreckage, some of these assets would be out of reach for creditors for months if not years.  But the story was very different for those trades transacted on derivatives and securities exchanges where central counterparty clearing houses guaranteed their completion and also for those transactions which, while negotiated bilaterally ‘over-the-counter’ (OTC) between buyer and seller, were centrally cleared by CCPs. Within a week, most outstanding open positions had been successfully hedged so that they could pose no threat of further losses to creditors or added chaos to the world financial system. Within two weeks, most of Lehman’s customer accounts were successfully transferred to other investment companies. By late October, it was apparent that CCPs in most leading financial markets had successfully managed the biggest default in financial history without cost to their member companies.   For those at the centre of the crisis, the performance of the CCPs permitted a rare outburst of satisfaction. In a business where sober understatement is the norm, Chris Tupker, Chairman of LCH.Clearnet, claimed that the actions of the transnational European clearing group ‘saved the City’ in the weeks following the Lehman bankruptcy.  On the other side of the Atlantic,  Don Donahue, the Chairman and Chief Executive of the Depository Trust and Clearing Corporation of the US, reported that DTCC was ‘able to ensure reliability and mitigate risk across the industry’ The Risk Controllers: Central Counterparty Clearing in Globalised Financial Markets Norman, Peter, John Wiley & Sons

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Norman, P: The Risk Controllers - Peter Norman
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Peter Norman:
Norman, P: The Risk Controllers - neues Buch

2011, ISBN: 9780470686324

ID: 124109656

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. ´´The recent crisis has, thankfully, renewed interest in the importance of central counterparties: how they can help preserve stability or, as Hong Kong showed in 1987, undermine stability if they are not super sound. Peter Norman´s book places the role of clearing houses in a historical context, and explains why the financial system´s plumbing matters so much. It should be read by anyone interested in building safer capital markets.´´ Paul Tucker, Deputy Governor Financial Stability, Bank of England Central Counterparty Clearing in Globalised Financial Markets Bücher > Fremdsprachige Bücher > Englische Bücher gebundene Ausgabe 13.04.2011, John Wiley and Sons Ltd, .201

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The Risk Controllers
Vergriffenes Buch, derzeit bei uns nicht verfügbar.
(*)
The Risk Controllers - neues Buch

ISBN: 9780470686324

ID: 9780470686324

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 import ... Books, [PU: Wiley]

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The Risk Controllers - Peter Norman
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Peter Norman:
The Risk Controllers - gebunden oder broschiert

2011, ISBN: 9780470686324

ID: 12891281

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Risk Controllers - Peter Norman
Vergriffenes Buch, derzeit bei uns nicht verfügbar.
(*)
Peter Norman:
Risk Controllers - gebunden oder broschiert

2011, ISBN: 9780470686324

ID: 12891281

Hardcover, Buch, [PU: John Wiley & Sons Ltd]

Neues Buch Lehmanns.de
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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. "The recent crisis has, thankfully, renewed interest in the importance of central counterparties: how they can help preserve stability or, as Hong Kong showed in 1987, undermine stability if they are not super sound. Peter Norman's book places the role of clearing houses in a historical context, and explains why the financial system's plumbing matters so much. It should be read by anyone interested in building safer capital markets." Paul Tucker, Deputy Governor Financial Stability, Bank of England

Detailangaben zum Buch - Risk Controllers


EAN (ISBN-13): 9780470686324
ISBN (ISBN-10): 0470686324
Gebundene Ausgabe
Erscheinungsjahr: 2011
Herausgeber: Wiley
Gewicht: 0,849 kg
Sprache: eng/Englisch

Buch in der Datenbank seit 16.03.2011 22:47:20
Buch zuletzt gefunden am 12.09.2017 10:40:23
ISBN/EAN: 9780470686324

ISBN - alternative Schreibweisen:
0-470-68632-4, 978-0-470-68632-4


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