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How to Solve the Derivatives Problem
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The importance of having a centralized clearinghouse for derivatives transactions that guarantees these transactions between buyers and sellers and mitigates risk. The clearinghouse is able to take this risk because it is backed by the collective funds of its clearing members Every buyer has a guaranteed seller and every seller has a guaranteed buyer, thus minimizing the risk that one counterparty's default will cause a systemic riple through the markets. Walter Lukken who makes this proposal is acting head of the Commodities Futures Trading Commission.
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