Professor Steven L. Schwarcz, the Stanley A. Star Professor of Law and Business at Duke University, gave a guest lecture on "Future Challenges to Financial Stability, and Preventing Another Crisis: Taking a Look at the Systemic Risks of Central Counterparty Clearing and Non-Derivative Financial Contracting" at the Erasmus School of Law, Erasmus University Rotterdam.
The core of the argument presented in the paper was that central counterparty clearing houses (CCPs) could potentially also clear non-derivative financial transactions. The lecture was well attended, and it concludes Professor Schwarcz's visit to Erasmus University Rotterdam, upon which he will return to University College London, where he is currently a Distinguished Visiting Professor. Professor Schwarcz's paper on "Central Clearing of Financial Contracts: Theory and Regulatory Implications" is forthcoming in the University of Pennsylvania Law Review (Vol. 167, 2018-19) and is also available on SSRN.
