Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry 5 potx

... 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 ... many changes afoot in the areas of exchange regulation and clearing. ’ HARVEYL.PITT Chief Executive Of cer of Kalorama Partners and former Chairman of...

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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... charging a separate clearing 39 In such cases, line fees are part of the service provider charges and not part of the clearing house charges. 92 Clearing Services for Global Markets necessary. As the ... maintenance of margin accounts and the calling and calculation of margin requirements. 50 Clearing members that choose not to open an account at such a de...

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... have leaner management teams that are devoid of managers with a strategic interest and detailed cost view on clearing. Clearing is, after all, more of operational than strategic importance for most ... market share of derivatives contracts cleared through Eurex Clearing, LCH.Clearnet, OMX Clearing, MEFF and CC&G. An estimate of the market share of each clearing memb...

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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 ... Since then, Euronext.liffe and LCH.Clearnet have charged separate tr ading and clearing fees. 67 Eurex and the Clearing Corporation planned to charge a link fee of €0....

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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 ... other parts of the transaction value chain. The trust and collateral management effects can positively impact the liquidity and allocation of capital. Negativ...

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... those of the partnering clearing houses. Nonetheless, these dynamics ultimately shaped the benefits and drawbacks of the clearing link; they thus play a crucial role for the analysis of the network ... houses (the OCC, the CME and ECAG) and has maintained its status as Europe’s largest exchange-traded derivatives CCP. 45 Market participants can apply for admissio...

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... cannot become clearing members of ECAG. Prior to the introduction of Phase I of the GCL, they therefore had to employ a clearing intermediary that was a member of ECAG to clear their t rades executed ... already established a global presence that enables them to clear internally all of the most important marketplaces worldwide. The global clearers already had...

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... which could also lead to the further integration and harmonisation of European capital markets. r Clearing links do not lead to a concentration of risk at a single market infrastructure and are unlikely ... 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 Europea...

Ngày tải lên: 20/06/2014, 18:20

... 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 Chapter...

Ngày tải lên: 20/06/2014, 18:20