Christine Lagarde: European Parliament plenary debate on the ECB Annual Report Introductory statement by Ms Christine Lagarde, President of the European Central Bank, at the plenary session of the European Parliament, Brussels, 8 February 2021.
Although the role of the clearinghouse was initially limited, it significantly reduced back-office work and the amount of funds and credit needed by its members.7 In 1925, the members of the CBOT set up a full-fledged and independent central counterparty – The Board of Trade Clearing Corporation, now called The Clearing Corporation – to provide the guarantee and settlement functions that are familiar today.8 Risk-management tools such as margining systems and default funds were adopted to backstop the guarantee provided by the clearinghouse.