07105oam 22017294 450 991096559360332120250426110108.0978661284385397814623648481462364845978145277428214527742859781451873207145187320497812828438511282843850(CKB)3170000000055320(EBL)1608396(SSID)ssj0000940100(PQKBManifestationID)11512681(PQKBTitleCode)TC0000940100(PQKBWorkID)10939142(PQKB)11774405(OCoLC)712987784(IMF)WPIEE2009173(MiAaPQ)EBC1608396(IMF)WPIEA2009173WPIEA2009173(EXLCZ)99317000000005532020020129d2009 uf 0engur|n|---|||||txtccrCounterparty Risk, Impacton Collateral Flows and Role for Central Counterparties /James Aitken, Manmohan Singh1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (17 p.)IMF Working PapersAt head of title: Monetary and Capital Markets Department."August 2009."9781451917475 1451917473 Includes bibliographical references.Contents; I. Introduction; II. Counterparty Risk; Figures; 1. Illustrative Repricing of Derivatives When a Large Financial Institution Fails; III. The Changing Profile of Counterparty Risk in the United States; IV. The Adverse Impact of Counterparty Risk on Global Liquidity; 2. Counterparty Liabilities of Major U.S. Banks; Tables; 1. Snapshot of Reduced Collateral Posting Among LCFIs; 2. Securities Lending by Major Custodians; V. Regulatory Thrust for a Central Counterparty; 3. Cash Holding by Major LCFIs; VI. Conclusions and Policy Implications; Appendixes1. Methodological Issues in Computing Connectedness in Counterparty RiskReferencesCounterparty risk in the United States stemming from exposures to OTC derivatives payables (after netting) is now concentrated in five banks?Goldman Sachs, JPMorgan, Bank of America, Morgan Stanley and Citi. This note analyzes how such risks have shifted over the past year. We estimate that the adverse impact of counterparty risk on high-grade collateral flows and global liquidity due to decrease in rehypothecation, reduced securities lending, and hoarding of cash by major banks is at least $5 trillion. In order to mitigate counterparty risk, there have been regulatory initiatives to establish central counterparties (CCPs). From a policy perspective, counterparty risk remains large at present and recent experience has shown that OTC derivative positions are not supported by sufficient capital, constituting a major risk for participants in this market.IMF Working Papers; Working Paper ;No. 2009/173CreditRisk assessmentRisk managementUnited StatesBanks and bankingUnited StatesFinanceUnited StatesAsset and liability managementimfBankingimfBanks and BankingimfBanks and bankingimfBanksimfCentral counterparty clearing houseimfClearinghousesimfCollateralimfCurrenciesimfDepository InstitutionsimfDerivative marketsimfDerivative securitiesimfFinanceimfFinance: GeneralimfFinancial Institutions and Services: Government Policy and RegulationimfFinancial institutionsimfFinancial InstrumentsimfFinancial marketsimfGeneral Financial Markets: General (includes Measurement and Data)imfGovernment and the Monetary SystemimfIndustries: Financial ServicesimfInstitutional InvestorsimfInternational Finance Forecasting and SimulationimfInternational financeimfInternational Financial MarketsimfInternational liquidityimfInvestment DecisionsimfLoansimfMicro Finance InstitutionsimfMonetary economicsimfMonetary SystemsimfMoney and Monetary PolicyimfMoneyimfMortgagesimfNon-bank Financial InstitutionsimfPayment SystemsimfPension FundsimfPortfolio ChoiceimfRegimesimfStandardsimfUnited StatesimfCreditRisk assessment.Risk managementBanks and bankingFinanceAsset and liability managementBankingBanks and BankingBanks and bankingBanksCentral counterparty clearing houseClearinghousesCollateralCurrenciesDepository InstitutionsDerivative marketsDerivative securitiesFinanceFinance: GeneralFinancial Institutions and Services: Government Policy and RegulationFinancial institutionsFinancial InstrumentsFinancial marketsGeneral Financial Markets: General (includes Measurement and Data)Government and the Monetary SystemIndustries: Financial ServicesInstitutional InvestorsInternational Finance Forecasting and SimulationInternational financeInternational Financial MarketsInternational liquidityInvestment DecisionsLoansMicro Finance InstitutionsMonetary economicsMonetary SystemsMoney and Monetary PolicyMoneyMortgagesNon-bank Financial InstitutionsPayment SystemsPension FundsPortfolio ChoiceRegimesStandards332.63232Aitken James191524Singh Manmohan1815606International Monetary Fund.Monetary and Capital Markets Dept.DcWaIMFBOOK9910965593603321Counterparty Risk, Impacton Collateral Flows and Role for Central Counterparties4372901UNINA