... 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...
... 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...
... 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 ... important financial safeguard for
clearing houses. The index used to determine the value of the benchmark
portfolio again depends on the nature of th...
... markets. In these markets:
Clearing costs can restrict the volume of trading of a broker or a bank Theclearest
example of that are the so-called black-box traders, who trade through an automated
system, ... interviewed clearing member representative.
35
Trading arcades are firms that offer individual traders access to trading platforms and clearing services.
Arcades off...
... 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.
67
Eurex and the Clearing Corporation planned to charge a link fee of €0...
... 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 ... other parts of the transaction value chain. The
trust and collateral management effects can positively impact the liquidity
and allocation of capital. Negativ...
... 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 ... only allowed to clear their own transactions, Clearing
Members can clear their own transactions, their clients’ tr ansactions and those
of affiliated exchange particip...
...
Theoretical
Assessment of Clearing
Links as in Chapter 7
CM
PR-G
/CM
AR-G
Theoretical
Assessment of Clearing
Links as in Chapter 7
CM
PG
/CM
AG
Theoretical
Assessment of Clearing
Links as in Chapter ... London
Clearing House Ltd (LCH) and the Paris-based clear ing house Clearnet SA.
This network initiative provides valuable material for a case study analysis for...
... 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, ... from the different stakeholders. Furthermore,
there are many kinds of clearing link initiative, and not all of them can serve
to increase the efficien...
... 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 ... this
impact.
r
If at any point in the future, European rules and regulations are harmonised,
and processes are standardised, a reviewed analysis of...