See Committee on Payment and Settlement Systems and Technical Committee of the International Organization of Securities Commissions, Bank for International Settlements (2004), "Recommendations for Central Counterparties," November.
The benefits and costs of a central counterparty are discussed in "Assessing the Potential for Instability in Financial Markets," a speech delivered by Randall S. Kroszner (2008) at the Risk Minds Conference, International Center for Business Information, Geneva, Switzerland, December 8. 6  Primary dealers are broker-dealers that trade in U.S. government securities with the Federal Reserve Bank of New York.