A Map of Collateral Uses and Flows. Andrea Aguiar, Richard Bookstaber, Dror Y. Kenett, and Thomas Wipf, May 26, 2016: “Collateral is exchanged among market participants to support financial activities, including secured funding, securities lending, securities exchanges, margin lending, derivatives, and clearing. This working paper creates a collateral map to show how collateral moves among bilateral counterparties, triparty banks, and central counterparties, and can spread stress through the financial system. The paper also discusses the recent increase in collateral demand, effects of post-crisis regulation, and collateral-related stress scenarios.”