Cat bonds can help combat the systemic risks of CCPs
Bonds could pre-fund CCP default funds and higher margins during market stress, authors argue
Shane Worner is a senior economist at the International Organization of Securities Commissions (Iosco) and Jeremy Bray is principal of Halevi.Tarleton, an economics, regulatory and policy consultancy. The views expressed in this article are those of the authors and do not necessarily represent the views of their organisations or members.
With relevant legislation having been enacted in the US and Europe, and financial market participants adjusting their practices to comply, the implementation
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