Clearing and Settlement During the Crash

  title={Clearing and Settlement During the Crash},
  author={B. Bernanke},
  journal={Review of Financial Studies},
  • B. Bernanke
  • Published 1990
  • Economics
  • Review of Financial Studies
This article is a reexamination of the clearing and settlement process in financial markets (particularly the futures market) and its performance during the 1987 stock market crash. It provides both some institutional background and some conceptual perspective on the problems faced by the system during the week of October 19. Much of the discussion is based on the useful analogies that can be drawn between the clearinghouse and other financial intermediaries, such as banks and insurance… Expand


The Day the Nation’s Cash Pipeline Almost Burst,
  • 1988
How the Stock Market Almost Disintegrated a Day after the Crash,
  • 1987
Clearance, Payment, and Settlement Systems in the Futures, Options, and Stock Markets,
  • Board of Trade Clearing Corporation,
  • 1989
Margin requirements on equity instruments
Payment-System Glitch Complicated Stock Crash,
  • 1988
Fed’s New Chairman Wins a Lot of Praise for Handling the Crash,
  • The Wall Street Journal,
  • 1987
The clearing association in futures markets: Guarantor and regulator
Margins and futures contracts