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_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 ... many changes afoot in the areas of exchange regulation and clearing. ’HARVEYL.PITTChief Executive Of cer of Kalorama Partners and former Chairman of the Securitiesand Exchange Commission‘Particularly ... scholarlywork, as should relevant national authorities and central banks.’JOHN MCPARTLANDFinancial Markets Advisor to the Federal Reserve Bank of Chicago, and international clearing and settlement...
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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 ... cross-border flows. 45 The rapid growth of exchange-traded derivatives in the past decade has been accompanied by an increasinginternationalisation of the markets and their clearing arrangements.46Insti-tutional...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_4 potx
... charging a separate clearing 39In 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 ... maintenance of margin accounts and the calling and calculation of margin requirements. 50 Clearing members that choose not to open an account at such a dedi-cated bank can utilise the services of a ... 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...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_5 potx
... have leaner management teams thatare devoid of managers with a strategic interest and detailed cost view on clearing. Clearing is, after all, more of operational than strategic importance for most ... 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 ... chartrepresents 100 per cent of a clearing member’s all-in clearing costs. The order of the pie charts has been arranged according to the estimated European144 Clearing Services for Global Markets this cost...
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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 ... 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 ... cross-checking of the data revealed that the figure of €128 million for capital costs in 20 05 underv alues the magnitude of capital costs in that it mainly accounts for external financing costs. As the empirical...
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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 ... 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 ... counterparty,while the efficiency gainsto – at least large – market participants can be considerable.130In addition,if a CCP manages both the cash and derivative sides of a market place, it cantake advantage...
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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 ... houses (the OCC, the CME and ECAG) and has maintainedits status as Europe’s largest exchange-traded derivatives CCP. 45 Market participants can apply for admission as either a General Clearing Member ... 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
... 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 ... 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 ... Regionally-to-globally active clearing members of CCorp with a prop. or agency focus314 Clearing Services for Global Markets 23No Value-Added GLOBAL CLEARING LINKValue-Added 15 BY INTERVIEWEE...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_12 pdf
... whichcould also lead to the further integration and harmonisation of Europeancapital markets. r Clearing links do not lead to a concentration of risk at a single marketinfrastructure and are unlikely ... 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 ... 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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