Jerome H Powell: Central clearing and liquidity

Speech by Mr Jerome H Powell, Member of the Board of Governors of the Federal Reserve System, at the Federal Reserve Bank of Chicago Symposium on Central Clearing, Chicago, Illinois, 23 June 2017.

The views I express here are my own and not necessarily those of others at the Federal Reserve

Thank you for inviting me to speak today. The Federal Reserve Bank of Chicago and Darrell Duffie have provided a valuable public service in hosting this annual symposium on central clearing. I will start my remarks by taking stock of the progress made in strengthening central counterparties (or CCPs), and then offer some thoughts on central clearing and liquidity risks.