Dear all,
We were excited about all the young scholars, who tuned in to our Liquidity Project Financial Market Infrastructure (LPFMI) Q&A webinars Mon. 29. and Wed. 31. Jul. 2019. Thank you to all of you, who participated or made use of the recordings and to our sponsoring working groups Financial Stability, Finance, Law and Economics as well as Complexity Economics!
Please find below more information and reading material on the upcoming webinars in preparation of the YSI LPFMI conference in cooperation with the Fed Chicago in Chicago, USA Sun. 27. – Wed. 30. Oct. 2019. We are going to have a prep. & debrief mini-series on central counter party clearing houses (CCP) from a public as well a private angle.
We are going to interact with two CCP experts and their specialities in order to inspire research questions on our behalf
1) Robert Steigerwald, Senior Policy Advisor at the Fed Chicago on CCP characteristics on Thu. 29. Aug. (prep.) and Tue. 3. Sep. 2019 (debrief)
2) Sunil Cutinho, President, CME Clearing and exec. board member CME Group on precedent CCP stress situations on Tue. 10. (prep.) and Fri. 13. Sep. 2019 (debrief)
All needed readings are saved on dropbox at the below address. Just inquire access via dropbox with Kiko by sending an email to gerhardt@kalterherberg.com. Many of the papers below are not accessible freely – https://www.dropbox.com/home/Liquidity%20Project%20FMI/FMI_Research_%26_resources/YSI_webinar_papers We welcome you to join!
Jay Pocklington
Gerhardt „Kiko“ Kalterherberg
OVERALL INTRODUCTION
YSI LPFMI introduction presentation
- https://drive.google.com/file/d/1sZDn62qfGq8TLvkSP9hKKJEISjkhLMjx/view
For a recording of the above presentation - https://youngscholarsinitiative.zoom.us/recording/play/LIgYgrgeZs0x7D8uMkDOYskROY2jN_UlJQA3IjJXz2zsA8Eyv1CkwD9ceMQPdlNr
CCP 101 intro by Bazil Sansom, YSI LPFMI - https://ysd.ineteconomics.org/project/5c966ca771ec6d391eb766b9/event/5c966d1a71ec6d391eb76716
CCPs are not banks intro paper - https://www.chicagofed.org/~/media/publications/policy-discussion-papers/2017/pdp-2017-01-pdf.pdf
ROBERT STEIGERWALD MINI WEBINAR SERIES – sign up at https://ysd.ineteconomics.org/project/5d3f63ee0a199f1460d98777
Discussed papers by Robert Steigerwald
1) Steigerwald, Marshall – time critical liquidity – https://www.chicagofed.org/~/media/publications/economic-perspectives/2013/2q2013-part1-marshall-steigerwald-pdf.pdf
2) Bliss, Robert, & Robert S. Steigerwald, 2006, “Derivatives Clearing and Settlement: A Comparison of Central Counterparties and Alternative Structures,” FRBC, Economic Perspectives, Vol. 30, No. 4 (4th Qtr.), available at http://www.chicagofed.org/digital_assets/publications/economic_perspectives/2006/ep_4qtr2006_part2_bliss_steigerwald.pdf
Required further reading for better understanding
3) Merton, Robert C., & Zvi Bodie, 2005, “Design of Financial Systems: Towards a Synthesis of Function and Structure,” Journal of Investment Management, Vol. 3, No. 1, pp. 1-23, available at: http://www.people.hbs.edu/rmerton/Designpaperfinal.pdf
4) 1995, Merton, Robert C. and Zvi Bodie. "A Conceptual Framework for Analyzing the Financial Environment," available at: https://www.researchgate.net/profile/Zvi_Bodie/publication/228224831_A_Conceptual_Framework_for_Analyzing_the_Financial_Environment/links/0deec51a38bb1ce588000000/A-Conceptual-Framework-for-Analyzing-the-Financial-Environment.pdf
SUNIL CUTINHO MINI WEBINAR SERIES – sign up at https://ysd.ineteconomics.org/project/5d3f6cce0a199f1460d98921
Discussed case studies
1) 2015 [b], “Central counterparties in crisis: the Hong Kong Futures Exchange in the crash of 1987,” Journal of Financial Market Infrastructures, Vol. 4, No. 2 (December), pp. 73-98, abstract available at: https://www.risk.net/journal-of-financial-market-infrastructures/2437961/central-counterparties-in-crisis-the-hong-kong-futures-exchange-in-the-crash-of-1987
2) Budding, Edwin, Robert. T. Cox, and David Murphy, 2016, “Central counterparties in crisis: International Commodities Clearing House, New Zealand Futures and Options Exchange and the Stephen Francis Affair,” Journal of Financial Market Infrastructures, Vol. 4, No. 3, pp. 65-92, abstract available at: https://www.risk.net/journal-of-financial-market-infrastructures/2449612/central-counterparties-in-crisis-international-commodities-clearing-house-new-zealand-futures-and-options-exchange-and-the-stephen-francis-affair
Required further reading for better understanding
3) Cox, Robert T., 2015 [a], “Cave quid optes: waterfalls and central counterparty capital,” Journal of Financial Market Infrastructures, Vol. 3, No. 4 (June), pp. 63-71, abstract available at: https://www.risk.net/journal-of-financial-market-infrastructures/2413557/cave-quid-optes-waterfalls-and-central-counterparty-capital
4) Budding, Edwin, & David Murphy, 2014, “Design Choices in Central Clearing: Issues Facing Small Advanced Economies,” Reserve Bank of New Zealand, Analytical Note Series No. AN2014/08 (December), available at: https://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Analytical%20notes/2014/an2014-08.pdf