What is more, and perhaps the most crucial point, is that exchanges and clearing houses would face concentrated risks as they accommodate more OTC derivatives contracts reflecting the needs of market participants to mitigate counterparty credit risks.
The outcome crucially depends on the development and accessibility of digital infrastructures, the degree of financial and digital literacy and the adequacy of governance, including in the fields of regulation and supervision. We should make the most of the lessons learned from the pandemic crisis and exploit them to “bounce forwards” towards a more inclusive and a more resilient post-pandemic world.