To reduce the risk of runs in derivatives markets, regulators around the world are poised to require that derivatives trades be carried out through clearinghouses or exchanges. The clearinghouses will have many advantages, but not as many as regulators might think.
为了减少衍生品市场发生挤兑的风险，世界各国监管者准备要求将衍生品交易纳入清算所或交易所。清算所能带来诸多好处，但并不能如监管者所愿那样包治百病。