The Evolution and Prospects of FX Clearing
Abstract The financial crisis of 2008 was an inflection point for the financial markets which havenever been the same since then. Rated one of the worst financial crises the world facedsince the great depression in the 1930s, it led to an estimated loss of a whopping $19 trillionin net worth as stock markets plunged worldwide. Questionable high-risk mortgage lendingpractices by financial institutions and overexposure to OTC derivatives impelled bylackadaisical regulatory oversight brewed a perfect recipe for colossal disaster. Someprominent financial institutions back then like Lehmann brothers and AIG faced severefinancial