The Center Ground: CCPs Could Shift—Not Eliminate—Systemic Risk

Steven Maijoor, ESMA

If there is one phrase that defines the financial crisis and its aftermath in years to come, it will be “systemic risk.” If you were to look up the term in the dictionary 50 years from now, it would probably be illustrated with the Lehman Brothers logo. The collapse of Lehman, along with Bear Sterns, sent shockwaves through the global economy, the aftereffects of which are still taking shape today. Regulators swung into action following the credit crunch and the subsequent crisis, legislating wi

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