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What Historical Event Highlighted the Need for Robust CCPs?

The 2008 global financial crisis highlighted the need for robust CCPs. The failure of Lehman Brothers and the near-failure of AIG exposed the systemic risk inherent in the opaque, uncleared OTC derivatives market.

This led to the G20 mandate to centrally clear standardized OTC derivatives, strengthening the role of CCPs.

How Does the Concept of “In-the-Money” Affect Counterparty Risk at Expiration?
What Were the Key Regulatory Changes to Rehypothecation Rules after the 2008 Financial Crisis?
How Did the Role of Speculators in the CDS Market Contribute to the 2008 Financial Crisis?
During the 2008 Crisis, How Did Cross-Margining Contribute to the Contagion Effect?