A walk through the only known CCP resolution action: the collapse of the HKFE clearinghouse during the stock market crash of 1987. The presentation will cover the backdrop, the actions taken during the crash, the political fallout and subsequent reforms and their impact. While this instance precedes new international standards, it helps to illustrate behavior of market participants and considerations for a resolution authority in a CCP crisis.
Jacqueline Mesa, Senior Vice President, Global Policy, FIA
Robert Cox, Vice President & Senior Policy Advisor, Financial Markets, Federal Reserve Bank of Chicago