... 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 o...
... 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 ... in
bilaterally cleared markets.
61
A correct calculation of the cost of capital would
thus also have to take these aspects into account. Again, due to the...
... 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 ... have leaner management teams that
are devoid of managers with a strategic interest and detailed cost view on
clearing. Clearing is, after all, more of operational than str...
... 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 ... short-term data.
164 Clearing Services for Global Markets
are competitive, the CME’s fees for clearing index futures and interest rate
derivatives appear over-pri...
... 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 ... measured.
88
A general advantage in researching clearing services for derivatives instead
of securities lies in the structure of the relevant output. W...
... 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 ... houses (the OCC, the CME and ECAG) and has maintained
its status as Europe’s largest exchange-traded derivatives CCP.
45
Market participants can apply for admission as either a...
... significant efficiency gains, either. Regionally-
to-globally active clearing members of CCorp with a prop. or agency focus
314 Clearing Services for Global Markets
23
No Value-
Added
GLOBAL CLEARING ... 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
v...
... 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 efficie...
... 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 interviews
provided extensive qualitative data that was used as the basis for the analyses
of Chapters 5 and 8.
11.1.4 Chapter...