Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry 3 pot

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 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...
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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

... (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...
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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

... 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...
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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

... 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...
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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 ... 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...
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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 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...
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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

... 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...
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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

... 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...
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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

... 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...
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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 ... this impact. r If at any point in the future, European rules and regulations are harmonised, and processes are standardised, a reviewed analysis of...
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