This solid performance reflects good planning and sound institutional structures but also some degree of good luck, as crises have also revealed important vulnerabilities, vulnerabilities which prompted subsequent reforms by both the private and public sectors.
Clearly, if we do not want to put all our trust in continued good fortune, we will have to continue to be proactive in identifying and remedying weaknesses in these critical infrastructures. Clearinghouses and financial reform Broadly speaking, the recent financial reform legislation bears on the future structure and role of clearinghouses in two different ways.