Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry 2 pdf
Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_1 pptx
... 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 2. 1 .2. 1 .2 Transaction/position management 21 2. 1 .2. 1.3 Delivery management ... Association (ICMA) Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industr yTina P. Hasenpuschxxi List of figures8.16 Transaction Cost Impact Matrix for...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_2 pptx
... (ed.) (20 07), p. 3. 20 Clearing Services for Global Markets VALUE-ADDED CLEARING SERVICES Collateral ManagementNettingNovationRiskManagementCashManagementBASIC CLEARING SERVICES TradeConfirmationDelivery ... definition of clearing. Outlines value-added of clearing for individual marketparticipants, for capital markets as a whole andaccording to asset classes.Defines the ‘Value Provision Network’ of clearing ... growth of exchange-traded derivatives in the past decade has been accompanied by an increasinginternationalisation of the markets and their clearing arrangements.46Insti-tutional and individual...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_4 potx
... risk management requirements can be regarded asan 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.60In ... inbilaterally cleared markets. 61 A correct calculation of the cost of capital wouldthus also have to take these aspects into account. Again, due to the complexity of this calculation, its various ... Each clearing house reflects the positions of the partner clearing house in the form of an omnibus account.136This means that the opening of a position at oneCCP can automatically lead to the...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_5 potx
... questions.1 52 Clearing Services for Global Markets Relatively speaking, collateral isn’t that expensive for large clearing members toobtain Youreceivethecollateralfromthecustomers,andtotheextentthatyouarean ... clearers have enough capital available;r clearing houses can serve as a cheap form of custody; andr clearing houses pay interest on most collateral. The collateral-rich clearing members usually ... market share of derivatives contracts clearedthrough Eurex Clearing, LCH.Clearnet, OMX Clearing, MEFF and CC&G. An estimate of the marketshare of each clearing member is based on information...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_6 doc
... 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 of capital, the interviewed clearing ... therefore be based on publicly available data. 62 This type of analysis facilitates the comparison of the per-contract fees charged by clearing houses byequalising the different contract values....
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_7 pdf
... 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 automationand the use of standard interfaces. The higher the level of automation and the more common the use of standard ... activities. Malkam¨aki(1999) and Schmiedel/Malkam¨aki/Tar kka (20 02) estimate translog cost functions for their studies,relying on a broader sample of data available for their focus area. Book (20 01)...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_9 docx
... those of the partnering clearing houses. Nonetheless, these dynamics ultimately shaped the benefitsand drawbacks of the clearing link; they thus play a crucial role for the analysis of the network ... accountsand adequate back -of ce installations.488.1 .2. 1 .2 The Clearing CorporationIn 1 925 , 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 participants that do not have a clearing...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_10 pdf
... established a global presence that enables them to clear internallyall 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 was a member of ECAG to clear their t rades executed ... London Clearing House Ltd (LCH) and the Paris-based clear ing house Clearnet SA.This network initiative provides valuable material for a case study analysis for various reasons. The transaction...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_12 pdf
... partnering clearing houses fall short 420 Clearing Services for Global Markets concentration patterns, it makes strategic sense for managers to focus on theseparticular lanes. Lane concentration can ... from the different stakeholders. Furthermore,there are many kinds of clearing link initiative, and not all of them can serveto increase the efficiency of European clearing. Therefore, the parameters ... disintermediating their away markets GCM(s)in the case of a Single CCP.Based on the findings of Chapters 7, 8 and 9 on the efficiency impact of various network strategies w ithin the European clearing industry, ...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_13 ppt
... 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 ... thisimpact.rIf at any point in the future, European rules and regulations are harmonised,and processes are standardised, a reviewed analysis of the dynamics of the clearing industry should take ... unsuccessful, the interviewsprovided extensive qualitative data that was used as the basis for the analyses of Chapters 5 and 8.11.1.4 Chapter 5 – Analysing costs of derivatives clearing – transaction...
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