Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry 3 pot

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 yTina P. Hasenpuschxxi List of ﬁgures8.16 Transaction Cost Impact Matrix for ... Categorisation of clearing- related risk management costs 93 3.8 Categorisation of clearing- related information technology costs 95 3. 9 Categorisation of clearing- related back -of ce costs 97 3. 10 Classiﬁcation ... for regionally-to-globally active clearing members 33 88.1.2.8 .3 BMIM for globally active clearing members 34 08.1 .3 Summary of ﬁndings – impact of clearing links on efﬁciency 34 28.1 .3. 1 Scale...

Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_2 pptx

... (2007), 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...

Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_4 potx

... Each clearing house reﬂects the positions of the partner clearing house in the form of an omnibus account. 136 This means that the opening of a position at oneCCP can automatically lead to the ... for clearing members, as deﬁned for the purpose of 34 An analysis of the costs of production for clearing houses is provided in Chapter 6;ananalysisofthedirect and indirect costs for clearing ... bear in compliancewith a clearing house’s 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...

Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_5 potx

... interviewed clearing member representative. 35 Trading arcades are ﬁrms that offer individual traders access to trading platforms and clearing services. Arcades offer traders a place where they can work ... 33 6–7, for details. 132 Clearing Services for Global Markets Approach PursuedApproach Realised?… Qualitative Information from Expert Interviews … Quantitative Information from Questionnaire ... 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...

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 ... Since then, Euronext.liffe and LCH.Clearnet have charged separate tr ading and clearing fees.67Eurex and the Clearing Corporation planned to charge a link fee of €0.05 for the clearing of the Eurex’s...

Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_7 pdf

... 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 ... counterparty,while the efﬁciency gainsto – at least large – market participants can be considerable. 130 In addition,if a CCP manages both the cash and derivative sides of a market place, it cantake advantage ... other parts of the transaction value chain. The trust and collateral management effects can positively impact the liquidityand allocation of capital. Negative effects on the trading layer can...

Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_9 docx

... gain from it are the intermediaries,because their business of clearing or acting as intermediary has been taken away.41This case study analyses the clearing link, known as the Global Clearing ... 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 ... houses (the OCC, the CME and ECAG) and has maintainedits status as Europe’s largest exchange-traded derivatives CCP.45Market participants can apply for admission as either a General Clearing Member...

Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_10 pdf

... either. Regionally-to-globally active clearing members of CCorp with a prop. or agency focus 31 4 Clearing Services for Global Markets 23 No Value-Added GLOBAL CLEARING LINKValue-Added15BY INTERVIEWEE ... already 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 ... 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...

Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_12 pdf

... 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, ... a situation in which European clear-ers, in aggregate, use the European clearing network at random. This meansthat whereas a particular clearing member utilises only one (hypothetical)clearing...

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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