Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry 2 pdf

... 22 2. 1 .2. 2 Value-added clearing services 22 2. 1 .2. 2.1 Unique CCP services 23 2. 1 .2. 2.1.1 Novation 23 2. 1 .2. 2.1 .2 Netting 24 2. 1 .2. 2.1.3 Risk management 28 2. 1 .2. 2 .2 Collateral management 31 2. 1 .2. 2.3 ... clearing 17 2. 1.1 Process view 18 2. 1 .2 Functional view 19 2. 1 .2. 1 Basic clearing services 20 2. 1 .2. 1.1 Trade confirmation 20...

Ngày tải lên: 20/06/2014, 18:20

... (ed.) (20 07), p. 3. 20 Clearing Services for Global Markets VALUE-ADDED CLEARING SERVICES Collateral Management NettingNovation Risk Management Cash Management BASIC CLEARING SERVICES Trade Confirmation Delivery ... definition of clearing. Outlines value-added of clearing for individual market participants, for capital markets as a whole and according to a...

Ngày tải lên: 20/06/2014, 18:20

... risk management requirements can be regarded as an offset for the risk assumed by the CCP for the clearing members and for the savings in risk management gained from utilising the services of a CCP. 60 In ... in bilaterally cleared markets. 61 A correct calculation of the cost of capital would thus also have to take these aspects into account. Again, due to...

Ngày tải lên: 20/06/2014, 18:20

... questions. 1 52 Clearing Services for Global Markets Relatively speaking, collateral isn’t that expensive for large clearing members to obtain Youreceivethecollateralfromthecustomers,andtotheextentthatyouare an ... clearers have enough capital available; r clearing houses can serve as a cheap form of custody; and r clearing houses pay interest on most collateral. The...

Ngày tải lên: 20/06/2014, 18:20

... 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 ... outlined above, calculat- ing, analysing and understanding the true cost of capital related to clearing is difficult for various reasons. When asked to assess the cost...

Ngày tải lên: 20/06/2014, 18:20

... maximisation. 2 Cf. Katz/Shapiro (1985), p. 424 . See Shy (20 01) for a variety of industry examples. 22 6 Clearing Services for Global Markets The analysis supports that decreasing average costs are related to an ... connection of new marketplaces as a means to increase scale are the level of automation and the use of standard interfaces. The higher the...

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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 ... accounts and adequate back -of ce installations. 48 8.1 .2. 1 .2 The Clearing Corporation In 1 925 , The Clearing Corporation (CCorp), then named The Board of...

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... established a global presence that enables them to clear internally all of the most important marketplaces worldwide. The global clearers already had the efficiencies in-house, within their global organi- sation, ... 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...

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... partnering clearing houses fall short 420 Clearing Services for Global Markets concentration patterns, it makes strategic sense for managers to focus on these particular lanes. Lane concentration can ... 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 European...

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 ... this impact. r If at any point in the future, European rules and regulations are harmonised, and processes are standardised, a reviewed analysis of...

Ngày tải lên: 20/06/2014, 18:20