Performance & Stability
        
        What Are the Legal Liabilities for a Broker-Dealer If Their Third-Party Risk System Fails?
        
         
        
        
          
        
        
      
        
     
        
        A broker-dealer's liability for a third-party risk system failure is absolute, stemming from its non-delegable duty to supervise.
        
        Could Alternative Collateral Types Mitigate the Systemic Strain Caused by Variation Margin Calls?
        
         
        
        
          
        
        
      
        
     
        
        Expanding variation margin collateral to include high-quality assets enhances systemic liquidity and mitigates pro-cyclical risk.
        
        Can the Move to T+1 Settlement Introduce New Systemic Risks to Financial Markets?
        
         
        
        
          
        
        
      
        
     
        
        The move to T+1 settlement re-architects market risk, exchanging credit exposure for acute operational and liquidity pressures.

 
  
  
  
  
 