In February 1963, three years after the publication of Samuelson and Solow’s paper, Federal Reserve Chairman William McChesney Martin openly rejected the notion of an exploitable  1  In fact, Phillips’ (1958) paper was based on annual data, whereas the two top panels of Figure 1 are based on monthly data downloaded from the NBER Macro History Database on the web (see at: www.nber.org).
CCPs have to adjust their risk management to cope with more clearing members and with accelerating volumes of derivatives to be cleared centrally. CCP clearing is required of market participants; otherwise they have to accept higher capital and collateralisation requirements. Besides, the standardisation of OTC derivatives should make good progress, so that the clearing and trading obligation becomes operational as soon as possible.