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Market Structure Developments in the Clearing Industry: Implications for Financial Stability

Date: 10 November 2010

Source: BIS

This report by the bank for international settlements first provides a broad overview of the clearing industry in the Committee on Payment and Settlement Systems (CPSS) countries, covering both traditional markets and OTC derivatives markets. In particular, it describes developments in market structure between 2000 and 2010. Second, the report assesses how far these developments have given rise to new risks. It further outlines practical issues that central banks, regulators and overseers may wish to consider, either as part of their oversight role or in the context of their broader financial stability remit. The report also examines to what extent changes in market structure or ownership might affect the expansion of central clearing services.