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Commentary by Steven Lofchie

Board of Governors of the Federal Reserve System ("FRB") Governor Jerome H. Powell reviewed the progress made in central counterparty ("CCP") clearing and offered his thoughts on expanded central clearing for the repurchase markets. Speaking at the Clearing House Annual Conference, Mr. Powell asserted the benefits of central clearing under the right circumstances, but added that central clearing itself "is not a panacea." As risks accumulate, he said, CCPs must continue to "build up their ability to manage them" and plan for "a world in which large firms will fail and be resolved without