Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry 4 pot

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...

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. 145 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, 146 centralised and transparent risk management...

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 ... providers 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;ananalysisofthedirect and indirect costs for clearing ... risk management requirements can be regarded asan offset for the risk assumed by the CCP for the clearing members and for the savings in risk management gained from utilising the services of a CCP.60In...

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

... interviewed clearing member representative.35Trading arcades are ﬁrms that offer individual traders access to trading platforms and clearing services. Arcades offer traders a place where they can work ... 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 ... our P&L? Hardly! 42 The interviewees’ assessment of the low relevance of cost of capital was mainlybased on the following arguments:rcollateral-rich clearers have enough capital available;rclearing...

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 ... cost analyses – non -clearing membersrRegarding the second level of the VPN and the second level of transactioncosts, the analysis revealed that NCMs are becoming increasingly aware of clearing ... direct and indirectcosts, any further cost calculation must therefore be based on publicly available data.62This type of analysis facilitates the comparison of the per-contract fees charged by clearing...

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 ... maximisation.2Cf. Katz/Shapiro (1985), p. 42 4. See Shy (2001) for a variety of industry examples.226 Clearing Services for Global Markets The analysis supports that decreasing average costs are related to an ... 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...

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 ... 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 Link(GCL), established...

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

... 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 global organi-sation, ... 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 ... 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 various reasons. The transaction...

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

... partnering clearing houses fall short 42 0 Clearing Services for Global Markets concentration patterns, it makes strategic sense for managers to focus on theseparticular lanes. Lane concentration can ... 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...

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 44 0 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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