Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry 4 pot

... 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 ... providers for clearing members, as defined for the purpose of 34 An analysis of the costs of production for clearing houses is provided in Chapte...

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... 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 ... 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 me...

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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 ... cost analyses – non -clearing members r Regarding the second level of the VPN and the second level of transaction costs, the analysis revealed that NCMs are becoming...

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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 ... maximisation. 2 Cf. Katz/Shapiro (1985), p. 42 4. See Shy (2001) for a variety of industry examples. 226 Clearing Services for Global Markets The a...

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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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... 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 42 0 Clearing Services for Global Markets concentration patterns, it makes strategic sense for managers to focus on these particular lanes. Lane concentration can ... 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 sing...

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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 44 0 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 Chapt...

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