Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry 8 potx

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 ... many changes afoot in the areas of exchange regulation and clearing. ’ HARVEYL.PITT Chief Executive Of cer of Kalorama Partners and former Chairman o...
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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

... 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...
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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

... 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...
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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 ... 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...
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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 ... 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...
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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 ... measured. 88 A general advantage in researching clearing services for derivatives instead of securities lies in the structure of the relevant output. W...
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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

... 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...
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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

... 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...
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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

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