The performance of market infrastructures during the financial turmoil Payment systems, central counterparties (CCPs) and securities settlement systems have dealt with peaks in transaction volumes effectively and without any major operational disruptions. Similarly, when some CCPs were required to make greater and more frequent margin calls owing to the increased volatility of asset prices, those margin calls were executed successfully.
Overall, by acting as a buffer against the increased and more volatile trading activity, the smooth functioning of the market infrastructures helped to maintain people’s confidence in the markets and played an important role in limiting the financial and economic impact of the financial turbulence.