The good performance of CCPs could be explained by the fact that it addresses effectively most of the vulnerabilities which affected repo markets during the 2008 crisis. When cash lenders withdrew from the market due to misperceptions of the credit and liquidity risk, CCP-cleared repos were significantly less affected.
How the world affects South Africa There are several channels through which the global developments I have just described influence South Africa's economy and markets and, in turn, the policy response of the South African Reserve Bank (SARB). First, higher global interest rates weigh on world growth, and hence the demand for South Africa's exports.