A CCP is a CCP is a CCP
CCPs do not require same risk and resilience standards as banks
Banks, it is often said, are ‘special’. Central counterparty clearing houses (CCPs) also are special, in that they can be systemically important – but banks and CCPs are special in very different ways.
CCPs are not banks. They do not perform the central risk-taking function that distinguishes banking: asset/liability (or maturity) transformation through deposit taking and lending and related activities.1 The balance sheet of a CCP is “quite different from those of other major types of
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