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, Parameswaran Chidamparam pcwaran@gmail.com Search for other works by this author on: Oxford Academic Divya Upadhyay Divya Upadhyay, Senior Editor, NUALS Law Journal , India Search for other works by this author on: Oxford Academic
Capital Markets Law Journal, kmae006, https://doi.org/10.1093/cmlj/kmae006
Published:
22 May 2024
Article history
Accepted:
25 April 2024
Published:
22 May 2024
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Parameswaran Chidamparam, Divya Upadhyay, India’s central counterparty investment policy: pirouetting between the EU and the USA?, Capital Markets Law Journal, 2024;, kmae006, https://doi.org/10.1093/cmlj/kmae006
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1. Introduction
Clearing corporations1 (CCs) have been an integral part of market infrastructures across jurisdictions. Over the past few decades, they have played an extremely important role in facilitating daily transactions between market players and bearing the burden of possible defaults by clearing and trading members. Their role, however, is not restricted to facilitating daily transactions. They also play a crucial role when the financial system is struggling. In fact, the existence of central counterparties prevented the Lehman Brothers’ crash from causing a global financial crisis of an even greater magnitude.2 Central counterparties (CCPs) acted as a ‘firewall’ and prevented the effects of the crash from affecting financial institutions and markets that were cleared by these counterparties.3
Given their importance in market infrastructure, these institutions are too systemically important to fail, and central banks will, in all likelihood, bail them out in case they default.4 Although the possibility of a CCP defaulting and going bust is extremely low, it has happened in the past and could happen in the future as well.5
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