As a practical matter, however, this is not a serious policy issue because the monetary aggregate targets play only a minor role in the conduct of monetary policy today. At any rate, such an adjustment might be premature today, given the uncertainty about the BIS Review 94/1999  2  underlying trend.
This hurdle could be overcome, however, by the imposition of higher margin requirements on members or by the clearinghouse’s maintaining larger supplemental financial resources. Clearing also may have the perverse effect of increasing risk on counterparties’ portfolios of noncleared contracts. Clearinghouses for OTC contracts typically propose to clear the relatively simple OTC instruments.