Providing Confidence to Financial Markets – John Fennell
John Fennell, OCC – Clearing
In the past, settlement – the movement of securities and cash – is what you would associate with clearing. That changed as a result of the financial crisis. When you have banks like Bear Stearns and Lehman Brothers defaulting, confidence becomes the bigger issue.
Historically, clearing has not exactly been part of the “glamorous” side of trading. In fact, it has been looked at as a utility, like electricity and plumbing. But that all changed during the financial crisis. Clearing is not just about moving contracts through the pipes; it is also about the guaranteeing performance of those contracts.
OCC’s John Fennell says that, these days, clearing is where it’s at – an area of the market where one can innovate while managing those tail risks (or, “Lehman Moments”). It is also an area of the market that is enjoying solid growth. For newcomers looking for career opportunities, it doesn’t get any more glamorous than that.
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