id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-1783	Chang, Felix B.	The Systemic Risk Paradox: Banks and Clearinghouses Under Regulation	2015	70	.pdf	application/pdf	23261	1081	50	No. 3:747] SYSTEMIC RISK PARADOX 807 system (the clearinghouses).205 Whereas the former included enhancement of competition in its objectives, the latter merely listed competition as one among several factors to which the SEC was to give “due regard,” but not supreme consideration, in the achievement of centralizing the processing of securities trades.206 Nearly three decades later, the same debate would surround the creation of derivatives clearinghouses. Yet here lies the dilemma: large clearinghouses reduce credit risk, but they heighten systemic risk since the collapse of one such entity threatens the entire financial system.	cache/cblr-1783.pdf	txt/cblr-1783.txt