Red-Blooded Risk: The Secret History of Wall Street by Brown Aaron

Author:Brown, Aaron [Brown, Aaron]
Language: eng
Format: mobi
Publisher: John Wiley and Sons
Published: 2011-09-18T16:00:00+00:00

In principle, you could set up a derivatives exchange and clearinghouse with no reference to paper money at all. As with a paper money issuing bank, you would probably want to contribute some equity capital so people would trust the institution initially, but even that is only a marketing essential, not an economic one. It’s also true that having cash as one of the assets derivatives are written on is handy, because you don’t have contracts for every possible thing someone might want to borrow or lend. But cash is not necessary.

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