Not NAMING NAMES, but it shocks me, some of the PEOPLE who GET the BREAKS.

While the MOVE to central clearing has made the system safer, we need to MAKE SURE that the central counterparties have the resources and risk-management practices to withstand plausible but severe shocks.

In a WORLD of global trade and integrated CAPITAL MARKETS, it is NATURAL for economic and financial shocks and policy actions to be transmitted ACROSS borders.

There is clear empirical evidence that the RESPONSE of EME financial markets to different shocks, INCLUDING changes in U.S. INTEREST rates, depends importantly on the state of ECONOMIC fundamentals in the EMEs themselves.