Fundamental questions on central counterparties: A review of the literature

Research output: Contribution to journalArticleScientificpeer-review


Central counterparties (CCPs) function as financial infrastructures for capital markets in derivatives. They are designed to reduce aggregate counterparty credit risk. Although CCPs have existed for well over a century, they have only gained prominence after the Great Financial Crisis compelled the G20 to implement the mandatory clearing policy to make over-the-counter derivative transactions safer. This has led to a boom in CCP literature, 60% of which has been published in the last 5 years. This article provides a review of the literature on derivative CCPs focusing on some fundamental topics regarding the raison d'être, resilience, and governance of the CCP.
Original languageEnglish
Pages (from-to)2009-2022
JournalJournal of Futures Markets
Issue number12
Publication statusPublished - Dec 2021


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