Clearing and Settlement During the Crash
重新审视了金融市场（特别是期货市场）的清算与结算过程，以及其在1987年股灾期间的表现，指出美联储在保护清算系统完整性方面发挥了关键作用。
This article is a reexamination of the clearing and settlement process in financial markets (particularly the futures market) and its performance during the 1987 stock market crash. It provides both some institutional background and some conceptual perspective on the problems faced by the system during the week of October 19. Much of the discussion is based on the useful analogies that can be drawn between the clearinghouse and other financial intermediaries, such as banks and insurance companies. A major conclusion is that the Federal Reserve played a vital role in protecting the integrity of the clearing and settlements system during the crash.