Risk Controllers - Peter Norman

bei twitter teilen

auf facebook teilen

per eMail empfehlen

Risk Controllers

57,90 € inkl. MwSt

Neuware

Versand in 10 - 15 Tagen

Autor:

Peter Norman

Verlag:

John Wiley & Sons Ltd

Jahr:

2011

Seiten:

416 Seiten

Produktart:

Buch / Hardcover

ISBN/EAN:

978-0-470-68632-4

weitere Informationen

Einbandart:

gebunden

Maße:

174 x 248 mm / 854 g

Abbildungen:

Illustrations

Listenpreis:

£ 45,00 (GBP); $ 75,00 (USD)

Sprache:

englisch

Kategorie:

Finanzierung

ISBN-10:

0-470-68632-4 / 0470686324

ISBN-13:

978-0-470-68632-4 / 9780470686324

Kundenbewertung:

Als erster bewerten

Weitere Informationen von "Risk Controllers":

* This book takes up the story of central counterparty clearing by examining in detail how CCPs functioned in the emergency that followed Lehman's bankruptcy petition.

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).

Über den Autor:

Peter Norman is a London-based journalist and writer. The Risk Controllers: Central Counterparty Clearing in Globalised Financial Markets is his second book explaining the workings and history of an important financial infrastructure. Plumbers and Visionaries: Securities Settlement and Europe's Financial Market, his path-breaking account of the history and prospects of the securities settlement industry in Europe, was published by John Wiley & Sons in December 2007. Peter Norman began a career in journalism in 1968, when he joined Reuters Economic Services in London. He later worked for The Times (of London) and the Wall Street Journal - Europe - before joining the Financial Times in 1988 with responsibility for the newspaper's UK and international economic news coverage. He was the FT's economics editor between 1992 and 1995. Peter Norman spent 22 years of his professional life on the European mainland, based at various times in Frankfurt, Bonn and Brussels. After three years in Bonn as the FT's chief correspondent in Germany, he moved in 1998 to Brussels as bureau chief and chief EU correspondent. He has combined authorship and journalism since returning to the UK in 2002. Peter Norman was born in 1947, is married, with two adult children. He was educated in England at Hull Grammar School and Worcester College, Oxford, where he studied modern history. He is a member in the UK of the Society of Authors.

Inhaltsverzeichnis von "Risk Controllers":

Dedication Page i) Contents ii) Author's Preface iii) Thanks and Acknowledgements Part I - Clearing up the crisis Chapter 1 Unlikely Heroes Chapter 2 The modern central counterparty clearing house 2.1 The CCP's unique selling point 2.2 Trading venues and Clearing Members 2.3 Managing Risk 2.4 Clearing derivatives and securities 2.5 CCPs as a business 2.6 Netting Trades and Open Interest 2.7 Vertical and horizontal clearing systems in the US 2.8 Vertical versus Horizontal in Europe 2.9 Risk and responsibility 2.10 Clearing up a crisis Chapter 3 The Biggest Bankruptcy 3.1 An inauspicious start. 3.2 LCH.Clearnet in the front line 3.3 LBIE - A difficult default. 3.4 SwapClear in focus. 3.5 The picture in Paris: LCH.Clearnet SA. 3.6 Responses elsewhere. 3.7 Immediate Lessons from the default 3.8 LCH.Clearnet stands the Test Part II: The Road to central counterparty clearing Chapter 4 Early clearing 4.1 The first traders and post-trade practices 4.2 Clearing in the Dutch Golden Age 4.3 The spread of clearing houses 4.4 The Dojima Rice market 4.5 Forwards and Futures 4.6 Trading and Clearing Cotton in Liverpool 4.7 Futures and Clearing in Chicago 4.8 Anti-Gambling Sentiment in the US. Chapter 5 Innovation in Europe 5.1 Breakthrough in Le Havre 5.2 The Functioning of the Caisse 5.3 Europe follows Le Havre's lead 5.4 Anti-Gambling Sentiment in Europe. Plus a box: The Underwriters of LPCH Chapter 6 The London Produce Clearing House 6.1 Clearing for Profit 6.2 The establishment of LPCH 6.3 LPCH - Sugar and the German connection 6.4 A divided market and a clearing competitor 6.5 LPCH and the first world war. 6.6 LPCH An awkward recovery 6.7 Forced inactivity and the sale of LPCH Chapter 7 Complete clearing in America 7.1 The Minneapolis Clearing Association 7.2 Minneapolis: a neglected innovator 7.3 The gradual spread of complete clearing 7.4 A CCP for the CBOT 7.5 The Board of Trade Clearing Corporation 7.6 Prosperity and Depression. 7.7 Global Postscript: Separating the weak from the strong Part III: Formative Years Chapter 8 The collapse of Bretton Woods and the invention of financial futures 8.1 The Return of Peacetime and Economic Growth 8.2 LPCH resumes clearing 8.3 New activities and the coming of computers 8.4 Floating currencies and financial futures 8.5 Options, interest rate futures and cash settlement 8.6 The Influence of Regulators 8.7 Horizontal Integration for US Equities Clearing 8.8 Financial Futures in the UK 8.9 CCP Failures Chapter 9 The 1987 Crash, Regulation and CCPs 9.1 The 1987 Crash. 9.2 US responses 9.3 Cross margining, TIMS and SPAN 9.4 Near disaster in Hong Kong 9.5 The Collapse of Barings 9.6 The Reaction of Regulators Chapter 10 Continental Europe - CCPs in the slipstream of exchanges 10.1 Acronyms in Abundance 10.2 European Union, EMU and Europe's Single Market 10.3 Three Exchange Leaders 10.4 Corporate manoeuvring in France 10 5 Eurex and Clearnet Chapter 11 Users and Clearers 11.1 User governed CCPs in the UK and US 11.2 The UK: From ICCH to LCH 11.3 New Products: RepoClear and SwapClear. 11.4 The creation of DTCC 11.5 The Options Clearing Corporation Part IV- CCPs in a decade of boom and bust Chapter 12 Shapers of change 12.1 Challenges of the new millennium 12.2 Users demand lower Costs 12.3 IPOs for financial infrastructures 12.4 Europe's Divisive Consolidation of Post-Trade Service Providers 12.5 The non-appearance of Transatlantic Clearing Solutions 12.6 Regulators torn between Safety and Competitiveness of Financial Markets 12.7 Financial innovation. 12.8 Concentration among clearing members Chapter 13 The Chicago Roller Coaster 13.1 Common clearing for screen based traders 13.2 Marry in haste repent at leisure: 13.3 CBOT and BOTCC on different trajectories. 13.4 The Ascent of the CME. 13.5 After the CFTC's decision 13.6 Vertical Integration and open interest Chapter 14 Risks and Opportunities 14.1 The need to mitigate risk 14.2 Operational risk and 9/11 14.3 International standards for CCPs In a box: CPSS IOSCO Recommendations for CCPs 14.4 Conflict and innovation in Asia 14.5 Enron, ICE and clearing OTC energy derivatives 14.6 OTC problems 14.7 A CCP for Credit Derivatives? Chapter 15 Cross Border Clearing in Europe 15.1 CCPs for Equities 15.2 Clearnet: Europe's first cross-border CCP 15.3 LCH and Clearnet consider marriage 15.4 The Quest for a single central counterparty 15.5 LCH and Clearnet finally merge Chapter 16 Post-Trade Policy in Europe 16.1 Fragmented Regulation: the example of LCH.Clearnet 16.2 The first drafts of EU post-trade policy 16.3 The ESCB/CESR Standards 16.4 The EU Commission moves towards Legislation 16.5 McCreevy pushes for an industry solution 16.6 Competition authorities against vertical silos 16.7 The eclipse of the single CCP 16.8 Interoperability on the Menu 16.9 The Code of Conduct 16.10 Problems with the Code of Conduct. Chapter 17 LCH.Clearnet under threat 17.1 David Hardy departs 17.2 Tupker and Liddell take command. 17.3 Turquoise and EuroCCP. 17.4 ICE, Liffe, Rainbow and the LSE. 17.5 LCH.Clearnet seeks safety with others. 17.6 Vertical Ascent. 17.7 TransAtlantic perspectives Part V New Paradigms: Clearing after the Crisis Chapter 18 Controlling OTC derivatives . 18.1 Too Big and Too Interconnected to Fail. 18.2 Clearing as high politics. 18.3 Activism at the New York Fed 18.4 Mistrust across the Atlantic and inside the EU 18.5 Working Together 18.6 Twin tracks towards Legislation 18.7 The Pittsburgh Consensus 18.8 Setting Boundaries Chapter 19 Clearing Swaps 19.1 New products, new contenders, new horizons. 19.2 Clearing Credit Derivatives 19.3 DTCC and LCH.Clearnet unveil their merger plan 19.4 The Lily Approach 19.5 The battle for LCH.Clearnet 19.6 Hostilities Subside 19.7 Rivals to SwapClear 19.8 Security for the Buy-Side Chapter 20 Exchanging places 20.1 Competition, Proliferation and Expansion. 20.2 Falling fees for clearing European equities 20.3 Clearing algorithmic and high speed trading 20.4 Interoperability in Europe: Progress and Setback 20.5 NYSE Euronext plans its own European clearing houses 20.6 Challenges to the CME 20.7 Clearing at the LSE: symptomatic for an industry in flux 20.8 A different future for LCH.Clearnet Chapter 21 The Way Forward 21.1 The Dodd-Frank Act 21.2 ‘Emir' : The draft European Markets Infrastructure Regulation 21.3 Basel III and CCPs 21.4 Contemplating CCP failure 21.5 CCPs spread around the World 21.6 An Asian Century for Clearing Houses? Chapter 22 Reflections and Conclusions Appendices i) References and Bibliography ii) Glossary iii) Abbreviations Index