Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry 9 pptx

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 Categorisat...
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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 ... p. 3. 20 Clearing Services for Global Markets VALUE-ADDED CLEARING SERVICES Collateral Management NettingNovation Risk Management Cash Management BA...
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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 ... Clearing Corporation and Malaysian Derivatives Clearing House 199 8 ISoffex and DTB to form Eurex Clearing 199 9 ICSCE and Commodities Clearing Corporatio...
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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 ... clearers have enough capital available; r clearing houses can serve as a cheap form of custody; and r clearing houses pay interest on most collateral. The collateral-rich...
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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 ... Since then, Euronext.liffe and LCH.Clearnet have charged separate tr ading and clearing fees. 67 Eurex and the Clearing Corporation planned to charge a link fee of €0.0...
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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 ... activities. Malkam ¨ aki ( 199 9) and Schmiedel/Malkam ¨ aki/Tar kka (2002) estimate translog cost functions for their studies, relying on a broader sample of dat...
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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 ... 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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