“Clearing has risen to the top of the agenda for derivatives risk managers and operational staff. Here now in one place, is the ideal reference book for those coping with these new challenges, combining crystal clear exposition with deep institutional and technical understanding.”

Alistair Milne, Professor of Financial Economics, Loughborough University School of Business and Economics

“Politicians and regulators have placed great faith in central counterparties (CCPs) to reduce systemic risk and contribute to overall market stability. Jon Gregory provides an excellent and very accessible description of the many complex issues that arise in running a CCP. This is a book that anyone concerned with financial regulation should read.”

Stuart M. Turnbull, Bauer Chaired Professor, Bauer College of Business, University of Houston

“The derivatives landscape has changed as a result of the global financial crisis that started in 2007. Jon Gregory has done an excellent job explaining the way derivatives markets now work. All derivatives market participants will find his book an invaluable source of information.”

John C. Hull, Professor of Derivatives and Risk Management, University of Toronto

“Jon Gregory’s new book goes a long way to filling a yawning gap in the literature on CCPs. There is no better single source from which to learn about every aspect of CCPs, from the microscopic details of their operations to the macroscopic importance of these entities in the new financial infrastructure. The book is truly comprehensive, but at the same time is clear, concise, and accessible to a broad audience. Moreover, Jon is extremely even-handed in his appraisal of the pros and cons of CCPs. Sometimes CCPs are characterized as ‘single points of failure’; this book can be accurately characterized as a ‘single point of knowledge’ about CCPs, and successfully explicates this extremely complicated subject.”

Craig Pirrong, Professor of Finance, Bauer College of Business, University of Houston