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Systems at Risk Episode 3 | Craig Pirrong, Professor of Finance and Director, Global Energy Management Institute, Bauer College of Business University of Houston
SmarterMarkets™
What Are the Consequences of the LMM's Actions?
As an nomist, that certainly feels like something that's going to lead to unintended consequences down the road and introduce another level of moral hazard. The problem is s that the most exchange traded commodities are traded pretty much a single market. And as a result, it's very difficult to move open interest and liquidity from one exchange to another - even if that exchange has serious problems. i think that what happened probably also undermined market dispense, confidence in the solvency of the clearing house.
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