In my view, if CCPs and trade repositories for credit default swaps had been available before the Lehman default, Lehman’s CDS exposures could have been managed in a much more transparent and resilient way and could have mitigated the negative chain reaction on CDS markets that followed the demise of Lehman. CCPs and trade repositories for OTC derivatives are ultimately beneficial for all stakeholders.
Financial resilience is critical to the delivery of this mission. It can be considered through a number of lenses – the resilience of the economy, the resilience of the financial system and the resilience of borrowers.