The Risk Controllers

“The recent crisis has, thankfully, renewed interest in the importance of central counterparties: how they can help preserve stability or, as Hong Kong showed in 1987, undermine stability if they are not super sound. Peter Norman's book places the role of clearing houses in a historical context, and explains why the financial system's plumbing matters so much. It should be read by anyone interested in building safer capital markets.” Paul Tucker, Deputy Governor Financial Stability, Bank of England

“The business of clearing securities has a long and remarkable history that, thanks to Peter Norman, at last has been recounted for a wide audience. This book claims a place as one of the essential primers for those seeking to understand the global financial sector from the inside out.”Donald F. Donahue, Chairman and CEO, The Depository Trust & Clearing Corporation

“This book provides an authoritative, highly readable and salutary reminder that if centralised clearing arrangements on the lines that are now becoming operational had been in place five years ago, the scale and impact of the recent financial crisis would have been very much less.”Sir David Walker, Senior Adviser, Morgan Stanley

“Peter Norman succeeds in producing a lively and detailed analysis of the clearing business, exposing its strength and weaknesses, and containing numerous lessons for bankers, clearers and regulators. Although CCPs concentrate risk, actual experience – described in Chapter 3 on Lehman – indicates that those with well organised and prepared winding down procedures may considerably reduce systemic risk.”Prof. Eddy Wymeersch, former chairman of CESR

“Those who in the past may have viewed central counterparty clearing as little more than a back-office ‘utility' will look at the subject very differently after reading The Risk Controllers. Peter Norman has expertly woven past and present history together – and peered into the future – to create a comprehensive work that conveys the significance of guarantees that underpin the on-going integrity of our global financial markets.”William J. Brodsky, Chairman and CEO, Chicago Board Options Exchange

“The fallout from the 2008 financial crisis is forcing the world of clearing and settlement out of its traditional back-office obscurity into the limelight. Peter Norman's book presents an invaluable view of the history, operations and strategic issues relevant to this world. At a time when market infrastructure is undergoing the most fundamental change in living memory, his book is an essential companion to anybody involved in helping to shape the new landscape.”Richard Berliand, former Head of Prime Services and Market Structure at J.P. Morgan

“The Risk Controllers is an invaluable historical and investigative work about one of the more arcane, yet critical parts of the financial industry. As a result of the financial crisis, Central Counterparty Clearing is now full square at the centre of the global financial repair agenda, especially for derivatives markets, which makes this book particularly timely and welcome. This book will be the reference work on this subject for years to come.”David Wright, Deputy Director General, Internal Market, European Commission (2007-2010)

“A must-read for all involved in the development, implementation and oversight of new clearing regulations following the recent financial crisis. Peter has presented a rich history of clearing in a concise and significant manner for those who must seize the successes of the past in putting today's new clearing regimen in place. All should thank Peter for creating this important work which is so relevant in today's world.”Dennis Dutterer, Retired CEO, President and Director of The Clearing Corporation; fo

€ 60.99

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