Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry 1 pptx

... Association (ICMA) Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industr y Tina P. Hasenpusch xxi List of figures 8 .16 Transaction Cost Impact Matrix for ... definitions and industry setting 16 2 .1 Definition of clearing 17 2 .1. 1 Process view 18 2 .1. 2 Functional view 19 2 .1. 2 .1 Basic clearing...

Ngày tải lên: 20/06/2014, 18:20

... definition of clearing. Outlines value-added of clearing for individual market participants, for capital markets as a whole and according to asset classes. Defines the ‘Value Provision Network’ of clearing ... Clearing Services for Global Markets VALUE-ADDED CLEARING SERVICES Collateral Management NettingNovation Risk Management Cash Management BASIC CLEA...

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... capital a clearing member has to bear in compliance with a clearing house’s risk management requirements can be regarded as an offset for the risk assumed by the CCP for the clearing members and ... partner, as well as the risk management approach. Each clearing house reflects the positions of the partner clearing house in the form of an omnibus account. 13...

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... chart represents 10 0 per cent of a clearing member’s all-in clearing costs. The order of the pie charts has been arranged according to the estimated European 14 4 Clearing Services for Global Markets this cost ... clearers have enough capital available; r clearing houses can serve as a cheap form of custody; and r clearing houses pay interest on most colla...

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... vital. As the analysis has shown, the organisa- tion of derivatives clearing could serve as a role model for other parts of the European market infrastructure. As outlined above, to evaluate the ... cross-checking of the data revealed that the figure of 12 8 million for capital costs in 2005 underv alues the magnitude of capital costs in that it mainly accounts...

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... connection of new marketplaces as a means to increase scale are the level of automation and the use of standard interfaces. The higher the level of automation and the more common the use of standard ... Malkam ¨ aki (19 99) and Schmiedel/Malkam ¨ aki/Tar kka (2002) estimate translog cost functions for their studies, relying on a broader sample of data available...

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... accounts and adequate back -of ce installations. 48 8 .1. 2 .1. 2 The Clearing Corporation In 19 25, The Clearing Corporation (CCorp), then named The Board of Trade Clearing Corporation (BOTCC), was founded ... only allowed to clear their own transactions, Clearing Members can clear their own transactions, their clients’ tr ansactions and those of affiliated exchange partici...

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... as the EU Link. These types of clearer have already established a global presence that enables them to clear internally all of the most important marketplaces worldwide. The global clearers already ... significant efficiency gains, either. Regionally- to-globally active clearing members of CCorp with a prop. or agency focus 314 Clearing Services for Global Market...

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... context. European Clearing in a Global Context10.2 PURPOSECHAPTER Summary 10 .3 Figure 10 .1 Structure of Chapter 10 clearing are then applied to European cash equities clearing (section 10 .1. 2). A third ... from the different stakeholders. Furthermore, there are many kinds of clearing link initiative, and not all of them can serve to increase the efficiency of...

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... transaction costs of deriva- tives clearing services are defined as the total costs a customer (i.e. clearing member) has to bear for using a certain clearing 440 Clearing services for global markets r The ... unsuccessful, the interviews provided extensive qualitative data that was used as the basis for the analyses of Chapters 5 and 8. 11 .1. 4 Chapte...

Ngày tải lên: 20/06/2014, 18:20