... 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 ... Categorisation of clearing- related risk management costs 93
3.8 Categorisation of clearing- related information technology costs 95
3. 9 Categorisation...
... (2007), p. 3.
20 Clearing Services for Global Markets
VALUE-ADDED CLEARING SERVICES
Collateral
Management
NettingNovation
Risk
Management
Cash
Management
BASIC CLEARING SERVICES
Trade
Confirmation
Delivery ... definition of clearing.
Outlines value-added of clearing for individual market
participants, for capital markets as a whole and
according to asset c...
... Each
clearing house reflects the positions of the partner clearing house in the form
of an omnibus account.
136
This means that the opening of a position at one
CCP can automatically lead to the ... for clearing members, as defined for the purpose of
34
An analysis of the costs of production for clearing houses is provided in Chapter 6;ananalysisoft...
... 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 ... 33 6–7, for details.
132 Clearing Services for Global Markets
Approach Pursued
Approach Realised?
… Qualitative Information
from Expert Interviews
… Quantitative...
... 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 ... outlined above, calculat-
ing, analysing and understanding the true cost of capital related to clearing
is difficult for various reasons. When asked to assess the cost...
... 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 ... counterparty,while the efficiency gains
to – at least large – market participants can be considerable.
130
In addition,
if a CCP manages both the cash and deriva...
... gain from it are the intermediaries,
because their business of clearing or acting as intermediary has been taken away.
41
This case study analyses the clearing link, known as the Global Clearing ... 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...
... either. Regionally-
to-globally active clearing members of CCorp with a prop. or agency focus
31 4 Clearing Services for Global Markets
23
No Value-
Added
GLOBAL CLEARING LINK
Value-
Added
15
BY INTERVIEWEE ... already established a global presence that enables them to clear internally
all of the most important marketplaces worldwide.
The global clearers alre...
... from the different stakeholders. Furthermore,
there are many kinds of clearing link initiative, and not all of them can serve
to 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 s...
... 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...