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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry 1 pptx

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

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 ... definitions and industry setting 16 2 .1 Definition of clearing 17 2 .1. 1 Process view 18 2 .1. 2 Functional view 19 2 .1. 2 .1 Basic clearing services 202 .1. 2 .1. 1 Trade confirmation 202 .1. 2 .1. 2 Transaction/position ... development of the European clearing industry 424 10 .3.2 European clearing in a global context 427 11 Summary, discussion and recommendations for future research 428 11 .1 Summary of research results...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_2 pptx

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

... 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 ... Clearing Services for Global Markets VALUE-ADDED CLEARING SERVICES Collateral ManagementNettingNovationRiskManagementCashManagementBASIC CLEARING SERVICES TradeConfirmationDelivery ManagementCOMPLEMENTARY ... costs. 14 5 The risk management services performed by a CCP offer a number of benefits, such as the mutualisation of all or part of the risk of default, 14 6centralised and transparent risk management...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_4 potx

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

... capital a clearing member has to 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 ... partner, as well as the risk management approach. Each clearing house reflects the positions of the partner clearing house in the form of an omnibus account. 13 6This means that the opening of a position ... legal details, especially in the case of cross-borderagreements. 11 7 For the clearing members, both approaches can either functionautomatically or require the manual selection of positions available...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_5 potx

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

... chartrepresents 10 0 per cent of a clearing member’s all-in clearing costs. The order of the pie charts has been arranged according to the estimated European 14 4 Clearing Services for Global Markets this cost ... 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 ... data and concerned the transactioncost analysis of derivatives clearing; Part 3 contained closed questions related to analysing demand- and 14 5 Analysing costs of derivatives clearing – transaction...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_6 doc

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 ... cross-checking of the data revealed that the figure of 12 8 million for capital costs in 2005underv alues the magnitude of capital costs in that it mainly accounts for external financing costs. As the empirical ... 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...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_7 pdf

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 ... Malkam¨aki (19 99) and Schmiedel/Malkam¨aki/Tar kka (2002) estimate translog cost functions for their studies,relying on a broader sample of data available for their focus area. Book (20 01) ... maximisation.2Cf. Katz/Shapiro (19 85), p. 424. See Shy (20 01) for a variety of industry examples.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

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

... accountsand adequate back -of ce installations.488 .1. 2 .1. 2 The Clearing CorporationIn 19 25, 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 ... 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...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_10 pdf

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

... as the EU Link. These types of clearerhave already established a global presence that enables them to clear internallyall of the most important marketplaces worldwide. The global clearers already ... significant efficiency gains, either. Regionally-to-globally active clearing members of CCorp with a prop. or agency focus 314 Clearing Services for Global Markets 23No Value-Added GLOBAL CLEARING ... 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...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_12 pdf

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

... context.European Clearing in a Global Context10.2PURPOSECHAPTERSummary 10 .3Figure 10 .1 Structure of Chapter 10 clearing are then applied to European cash equities clearing (section 10 .1. 2). A third ... 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 ... comparedrepresent the aggregate of individual cost impacts for each of the 219 European clearing members.4This means that a particular clearing member might haveexperienced more substantial...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_13 ppt

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 ... 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 ... 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...
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