Nikil Chande


Nikil Chande is a Director in the Financial Stability Department at the Bank of Canada. Nikil leads the team responsible for financial market infrastructure resolution and financial sector crisis preparedness. He obtained his law degree from the University of Toronto and his Masters in Economics from Queen’s University.


Nikil Chande

Financial Stability
Resolution and Crisis Preparedness

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9


June 7, 2018

Establishing a Resolution Regime for Canada’s Financial Market Infrastructures

This report highlights how an effective resolution regime promotes financial stability. It does this by ensuring that financial market infrastructures (FMIs) would be able to continue to provide their critical functions during a period of stress when an FMI’s own recovery measures were failing. The report explains the Bank of Canada’s new role as the resolution authority for FMIs, which will further bolster financial system resilience.

Using Speed and Credit Limits to Address the Procyclicality of Initial Margin at Central Counterparties

Staff Discussion Paper 2016-18 Nikil Chande, Nicholas Labelle
This paper proposes a practical approach to address the procyclicality of initial margin at central counterparties (CCPs) that can work even in periods of extreme stress. The approach allows CCPs to limit the speed of margin increases resulting from spikes in market volatility.

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Research Interests

  • Financial system regulation
  • Market structure
  • Payment clearing and settlement systems

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