building a foundation for the future

Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_1 pptx

... that clearing is a topic that has always been regarded as sort of an operational thing The exchanges’ matching engines have had the glamour But I think in the long run the value added of clearing ... timely and well worth reading, given the many changes afoot in the areas of exchange regulation and clearing.’ HARVEY L PITT Chief Executive Ofﬁcer of Kalorama Partners and former Chairman of the ... post-trade infrastructure has become both a focus area for market participants13 and a goal for ofﬁcial policy14 – particularly in the United States (US) and Europe.15 Despite this shared goal, there...

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

Danh mục: Ngân hàng - Tín dụng

... importantly, collateral management ensures that margin requirements are covered by available collateral If there is a collateral shortfall, a collateral call is generated If there is collateral ... novation, netting and risk management, as well as transaction/position management, collateral management and cash management The scope of netting and risk management services that a CCP can offer ... risk.86 Variation margin is a payment made when the market price of a transaction has changed.87 It is therefore a risk management tool to cover the latest exposure Variation margin is called for...

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

Danh mục: Ngân hàng - Tín dụng

... on analysing the impact that certain integration and harmonisation initiatives between clearing houses can have on the transaction costs of clearing These integration and harmonisation initiatives ... compliance with a clearing house’s 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 ... upgrades or other changes and infrastructure adaptations Dealing with a CCP also entails costs for the banking intermediaries Clearing houses usually demand that all clearing members hold dedicated...

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

Danh mục: Ngân hàng - Tín dụng

... capital was mainly based on the following arguments: r collateral-rich clearers have enough capital available; r clearing houses can serve as a cheap form of custody; and r clearing houses pay ... that are collateral rich and those that are collateral poor.34 The collateral poor tend to be the large trading houses, such as arcades,35 with a high proportion of day trading and low capital ... illustrate, for example, the number of respondents supporting or opposing a particular concept or idea These quantitative overviews establish the basis for a further qualitative data analysis and...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_6 doc

Danh mục: Ngân hàng - Tín dụng

... mainly affecting the indirect cost categories All of these factors are detailed in the following paragraphs Whereas the validation of the data on clearing house charges revealed that the above-mentioned ... vital As the analysis has shown, the organisation of derivatives clearing could serve as a role model for other parts of the European market infrastructure As outlined above, to evaluate the ... understanding the respective value provision of their clearer It is therefore doubtful whether they can accurately assess the adequacy of intermediary charges The remaining four NCMs had a good and...

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

Danh mục: Ngân hàng - Tín dụng

... studies, a relying on a broader sample of data available for their focus area Book (2001) on the other hand copes with the problems related to the limited availability of data for his research by ... other indicators for a quantiﬁcation of the output (e.g balance sheet variables such as revenue or proﬁt) is not adequate for this analysis, as these indicators generate a biased picture for a ... depreciation The variables are based on publicly available information, which can be found 226 Clearing Services for Global Markets The analysis supports that decreasing average costs are related to an...

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

Danh mục: Ngân hàng - Tín dụng

... particular can thus beneﬁt from direct access to the away market: Many of the Asian brokerage ﬁrms tend to be smaller; they don’t have the capital of a Morgan Stanley or a Goldman Sachs, so the Asian ... intermediaries in the market are covering the liabilities they have, then they will have to manage them more actively, banks themselves will have to manage them more actively That means that yesterday Refer ... side, and there is a cost involved So links are difﬁcult things; unless you can persuade both parties that there is an advantage to each of them there is always a different advantage to the parties...

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

Danh mục: Ngân hàng - Tín dụng

... between the London Clearing House Ltd (LCH) and the Paris-based clearing house Clearnet SA This network initiative provides valuable material for a case study analysis for various reasons The transaction ... important ﬁndings relevant for future M &A deals between European CCPs Additionally, the initiative was undertaken long enough ago to furnish a fairly substantial period for analysis On the other hand, ... 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 organisation,...

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

Danh mục: Ngân hàng - Tín dụng

... partners usually not have the leeway to beneﬁt from and further leverage their installed base r Single CCP initiatives (as a particular form of M &A initiatives) have the drawback that the majority ... conceivable way, but if managers look at usage in the aggregate, they will see patterns emerge And that’s important because for each major usage pattern that managers identify in their network, they ... two ways for clearing houses to create a workaround to identify usage patterns of the European clearing network: (i) they must either ﬁnd a way of cooperating to provide a consolidated data analysis;...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_13 ppt

Danh mục: Ngân hàng - Tín dụng

... extensive qualitative data obtained from the interviews served as vital input and formed the basis for the cost analyses and case studies Nonetheless, more research based on quantitative data is needed ... regulatory and political issues can create further uncertainty about the future 434 Clearing services for global markets development of a clearing link initiative and can thus potentially aggravate the ... initiatives Future research is required to evaluate this impact If at any point in the future, European rules and regulations are harmonised, and processes are standardised, a reviewed analysis of the...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_14 pdf

Danh mục: Ngân hàng - Tín dụng

... structures for the benchmark clearing members and the remaining 213 European clearers, as classiﬁed in Appendix This assumption was due to a lack of data that would have allowed for an accurate assessment ... are accounted for at a later stage of the calculation of total clearing house charges; refer to step 1.3) r Based on the publicly available information on the number of cleared contracts in the ... Clearing, which was extended and adapted with the help of the interviewees, the European market share for each of the six benchmark clearers was estimated Their combined European market share was...

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

Danh mục: Tài chính doanh nghiệp

... regulators are also taking careful note of the risks that clearing houses have to manage For similar reasons, other ﬁnancial market policymakers have convened to establish appropriate standards for ... to the national infrastructures is free to so as long as it meets the standards set by the SEC In addition, any organisation can apply for approval and registration as a clearing agency’.266 Although ... counterparty clearing creates value-added not only for individual market participants, but for capital markets as a whole ‘Central Counterparties are among the crucial building blocks of any well-organised...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_3 pot

Danh mục: Tài chính doanh nghiệp

... on analysing the impact that certain integration and harmonisation initiatives between clearing houses can have on the transaction costs of clearing These integration and harmonisation initiatives ... compliance with a clearing house’s 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 ... upgrades or other changes and infrastructure adaptations Dealing with a CCP also entails costs for the banking intermediaries Clearing houses usually demand that all clearing members hold dedicated...

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

Danh mục: Tài chính doanh nghiệp

... capital was mainly based on the following arguments: r collateral-rich clearers have enough capital available; r clearing houses can serve as a cheap form of custody; and r clearing houses pay ... that are collateral rich and those that are collateral poor.34 The collateral poor tend to be the large trading houses, such as arcades,35 with a high proportion of day trading and low capital ... illustrate, for example, the number of respondents supporting or opposing a particular concept or idea These quantitative overviews establish the basis for a further qualitative data analysis and...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_6 pptx

Danh mục: Tài chính doanh nghiệp

... studies, a relying on a broader sample of data available for their focus area Book (2001) on the other hand copes with the problems related to the limited availability of data for his research by ... other indicators for a quantiﬁcation of the output (e.g balance sheet variables such as revenue or proﬁt) is not adequate for this analysis, as these indicators generate a biased picture for a ... depreciation The variables are based on publicly available information, which can be found 226 Clearing Services for Global Markets The analysis supports that decreasing average costs are related to an...

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

Danh mục: Tài chính doanh nghiệp

... available for clearing is therefore also erratic The capacity of the clearing house infrastructure has to be conﬁgured to accommodate the greatest expected trading volume available for clearing ... integration of clearing houses also bears advantages, such as a signiﬁcant boost in scale To summarise, M &A initiatives are assumed to have a high potential for the realisation of economies of scale ... integration, the more leeway exists for the partnering clearing houses to establish a lead via their installed base, and the greater the associated starting problem The Single CCP and M &A network...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_8 potx

Danh mục: Tài chính doanh nghiệp

... particular can thus beneﬁt from direct access to the away market: Many of the Asian brokerage ﬁrms tend to be smaller; they don’t have the capital of a Morgan Stanley or a Goldman Sachs, so the Asian ... intermediaries in the market are covering the liabilities they have, then they will have to manage them more actively, banks themselves will have to manage them more actively That means that yesterday Refer ... side, and there is a cost involved So links are difﬁcult things; unless you can persuade both parties that there is an advantage to each of them there is always a different advantage to the parties...

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

Danh mục: Tài chính doanh nghiệp

... between the London Clearing House Ltd (LCH) and the Paris-based clearing house Clearnet SA This network initiative provides valuable material for a case study analysis for various reasons The transaction ... important ﬁndings relevant for future M &A deals between European CCPs Additionally, the initiative was undertaken long enough ago to furnish a fairly substantial period for analysis On the other hand, ... 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 organisation,...

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

Danh mục: Tài chính doanh nghiệp

... and thus serve as catalysts for the further harmonisation and integration of the clearing industry, a network initiative that enables the potential partner CCPs to leverage their installed base ... efﬁciency at a particular point.277 Another drawback of a Single CCP in Europe was said to be its limited ability to deal with and accommodate national market dynamics and characteristics A monopolistic ... Certain aspects of the fee grid were so ingrained at a local level that to change them dramatically could affect the structure of the market and pose a threat to volume.225 As a result of all...

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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_14 doc

Danh mục: Tài chính doanh nghiệp

... Venues: What are they and Does Asia Need them?’, Presentation by John Fildes, Managing Director, at the 5th Asia Paciﬁc Trading Summit, 10 May, Singapore 2007 Iori, Giulia (2004): ‘An Analysis of ... Release, London/Paris 2007 Lee, Ruben (1998): What is an Exchange?: The Automation, Management, and Regulation of Financial Markets, Oxford et al 1998 (2000): ‘Promoting Regional Capital Market ... Washington D.C 2003 (2004): ‘Central Counterparty Clearing and Settlement: Implications for Financial Statistics and the Balance of Payments, Bank of England’, Paper for the 17th Meeting of the...

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