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Counterparty Risk, Impacton Collateral Flows and Role for Central Counterparties / / James Aitken, Manmohan Singh



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Autore: Aitken James Visualizza persona
Titolo: Counterparty Risk, Impacton Collateral Flows and Role for Central Counterparties / / James Aitken, Manmohan Singh Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
Descrizione fisica: 1 online resource (17 p.)
Disciplina: 332.63232
Soggetto topico: Credit - Risk assessment
Risk management - United States
Banks and banking - United States
Finance - United States
Banks and Banking
Finance: General
Money and Monetary Policy
Industries: Financial Services
International Finance Forecasting and Simulation
Portfolio Choice
Investment Decisions
International Financial Markets
Financial Institutions and Services: Government Policy and Regulation
Banks
Depository Institutions
Micro Finance Institutions
Mortgages
Monetary Systems
Standards
Regimes
Government and the Monetary System
Payment Systems
General Financial Markets: General (includes Measurement and Data)
Pension Funds
Non-bank Financial Institutions
Financial Instruments
Institutional Investors
Finance
Monetary economics
Banking
Collateral
Currencies
International liquidity
Derivative markets
Financial institutions
Money
Asset and liability management
Financial markets
Central counterparty clearing house
Loans
Banks and banking
International finance
Derivative securities
Clearinghouses
Soggetto geografico: United States
Altri autori: SinghManmohan  
Note generali: At head of title: Monetary and Capital Markets Department.
"August 2009."
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: 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; Appendixes
1. Methodological Issues in Computing Connectedness in Counterparty RiskReferences
Sommario/riassunto: Counterparty 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.
Titolo autorizzato: Counterparty Risk, Impacton Collateral Flows and Role for Central Counterparties  Visualizza cluster
ISBN: 1-4623-6484-5
1-4527-7428-5
1-4518-7320-4
1-282-84385-0
9786612843853
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788229603321
Lo trovi qui: Univ. Federico II
Opac: Controlla la disponibilità qui
Serie: IMF Working Papers; Working Paper ; ; No. 2009/173