: The Development of Derivatives Clearinghouses and Recent Over-the-Counter Innovations,” in “The Role of Central Banks in Money and Payments Systems,” ed. David E. Altig, part 2 (special issue), Journal of Money, Credit and Banking, vol. 31 (August), pp. 596–618.
BIS central bankers’ speeches  3  failures and address a wider need for liquidity, including liquidity being demanded by the anxious depositors of troubled banks, many clearinghouses followed a practice that sprang up shortly after the founding of the New York Clearing House.