Search Results

The impact of central clearing on banks’ lending discipline,
Maik Arnold, in Journal of Financial Markets (2017)
Keywords: Credit Risk Transfer; Central Clearing; Lending Discipline;

Central Counterparty Links and Clearing System Exposures,
Nathanael Cox, Nicholas Garvin and Gerard Kelly, from Reserve Bank of Australia (2013)
Keywords: clearing; netting; financial stability; central counterparty

Mitigating fire sales with a central clearing counterparty,
Guillaume Vuillemey, in Journal of Financial Intermediation (2023)
Keywords: Fire sales; Liquidity; Central clearing; CCP;

Mitigating Fire Sales with a Central Clearing Counterparty,
Guillaume Vuillemey, from C.E.P.R. Discussion Papers (2023)
Keywords: Fire sales; Liquidity; Central clearing; Ccp

Does OTC derivatives reform incentivize central clearing?,
Samim Ghamami and Paul Glasserman, in Journal of Financial Intermediation (2017)
Keywords: Central clearing; OTC derivatives; Margin; Collateral; Capital;

Does central clearing benefit risky dealers?,
Sergio Mayordomo and Peter Posch, in Journal of International Financial Markets, Institutions and Money (2016)
Keywords: Central clearing; Counterparty risk; Credit default swaps;

Central clearing and risk transformation,
Rama Cont, from Norges Bank (2017)
Keywords: CCP, central clearing, central counterparty, systemic risk, liquidity risk, counterparty risk, default fund, OTC derivatives, collateral requirement, regulation, stress testing

Benefits and Risks of Central Clearing in the Repo Market,
Viktoria Baklanova, Ocean Dalton and Stathis Tompaidis, from Office of Financial Research, US Department of the Treasury (2017)
Keywords: central clearing, repurchase markets, data collection pilot, central counterparties

Breaking the mould with caution: Promises and risks of crypto-inspired clearing models in traditional central clearing,
Aniket Bhanu, in Journal of Securities Operations & Custody (2023)
Keywords: central counterparty, clearing, alternative clearing models, market infrastructure design

Central counterparty clearing: constructing a framework for evaluation of risks and benefits,
Kirsi Ripatti, from Bank of Finland (2004)
Keywords: central counterparty clearing, clearing, settlement, securities markets, infrastructure, integration

Central counterparty clearing: constructing a framework for evaluation of risks and benefits,
Kirsi Ripatti, from University Library of Munich, Germany (2005)
Keywords: central counterparty clearing, clearing, settlement, securities markets, infrastructure, integration

Central clearing for credit default swaps,
Stan Cerulus, in Journal of Financial Regulation and Compliance (2012)
Keywords: European Union, United States of America, Financial regulation, Derivative markets, Legislation, Credit default swaps, Central clearing

Systemic risk in central counterparty clearing houses,
Anonymous,, in Journal of Risk Management in Financial Institutions (2014)
Keywords: central clearing counterparty, concentration risk, systemic risk, margin, stress testing

Pitfalls of central clearing in the presence of systematic risk,
Christian Kubitza, Loriana Pelizzon and Mila Getmansky Sherman, from Leibniz Institute for Financial Research SAFE (2019)
Keywords: Central Clearing, Counterparty Risk, Systematic Risk, OTC markets, Derivatives, Margin

Completing Markets with Contracts: Evidence from the First Central Clearing Counterparty,
Guillaume Vuillemey, from C.E.P.R. Discussion Papers (2018)
Keywords: Incomplete markets; Contracts; Central clearing; International trade

Completing Markets With Contracts: Evidence From the First Central Clearing Counterparty,
Guillaume Vuillemey, from HEC Paris (2018)
Keywords: financial markets; central clearing counterparties; risksharing

The systemic risks of OTC derivatives central clearing,
David Murphy, in Journal of Risk Management in Financial Institutions (2012)
Keywords: CCP, central clearing, central counterparty, counterparty credit risk, financial resources, OTC derivatives, systemic risk

The Efficiency of Central Clearing: A Segmented Markets Approach,
James Hansen and Angus Moore, from Reserve Bank of Australia (2016)
Keywords: central counterparties; central clearing; over-the-counter derivatives; mutualisation externality; collateral; margin requirements; moral hazard

Systemic Risk: The Dynamics under Central Clearing,
Agostino Capponi, Allen Cheng and Sriram Rajan, from Office of Financial Research, US Department of the Treasury (2015)
Keywords: Central Clearing, Central Counterparties, Systemic Risk, Self-Funding Systemic Risk Charge, Concentration Risks

Central Clearing and Asset Prices,
Albert Menkveld, Emiliano Pagnotta and Marius Zoican, from Tinbergen Institute (2013)
Keywords: clearing, asset prices, margins, liquidity

Swaps central clearing for asset managers: How clear is it?,
Timothy Cameron and Matt Nevins, in Journal of Securities Operations & Custody (2013)
Keywords: central clearing, asset managers, swaps, interest rate swaps, collateral, margin, CFTC

The pitfalls of central clearing in the presence of systematic risk,
Christian Kubitza, Loriana Pelizzon and Mila Getmansky, from Goethe University Frankfurt, International Center for Insurance Regulation (ICIR) (2018)
Keywords: Central Clearing, Counterparty Risk, Systematic Risk, OTC markets, Derivatives, Loss Sharing, Collateral, Margin

Counterparty risk, central counterparty clearing and aggregate risk,
Binbin Deng, in Annals of Finance (2017)
Keywords: Counterparty risk, Aggregate risk, Central counterparty (CCP) clearing, Optimal risk-sharing, Search and Moral hazard

The demand for central clearing: To clear or not to clear, that is the question!,
Mario Bellia, Giulio Girardi, Roberto Panzica, Loriana Pelizzon and Tuomas Peltonen, in Journal of Financial Stability (2024)
Keywords: Credit default swap (CDS); Central counterparty clearing house (CCP); European Market Infrastructure Regulation (EMIR); Sovereign CDS;

The demand for central clearing: to clear or not to clear, that is the question,
Mario Bellia, Roberto Panzica, Loriana Pelizzon and Tuomas A. Peltonen, from European Systemic Risk Board (2017)
Keywords: Central Counterparty Clearing House (CCP), Credit Default Swap (CDS), European Market Infrastructure Regulation (EMIR), sovereign

The demand for central clearing: To clear or not to clear, that is the question,
Mario Bellia, Giulio Girardi, Roberto Calogero Panzica, Loriana Pelizzon and Tuomo Peltonen, from Leibniz Institute for Financial Research SAFE (2022)
Keywords: Credit Default Swap (CDS), Central Counterparty Clearing House (CCP), European Market Infrastructure Regulation (EMIR), Sovereign CDS

The fundamental role of the repo market and central clearing,
Cristina Di Luigi, Antonio Perrella and Alessio Ruggieri, from Bank of Italy, Directorate General for Markets and Payment System (2024)
Keywords: repurchase agreements, leverage ratio, window dressing, central counterparties, client clearing, money market structure.

Clear(ed) Decision: The Effect of Central Clearing on Firms Financing Decision,
Maximilian Jager and Frederick Zadow, from University of Bonn and University of Mannheim, Germany (2023)
Keywords: central clearing, firm capital structure, financial regulation, real effects

Does central clearing reduce counterparty risk in realistic financial networks?,
Rodney Garratt and Peter Zimmerman, from Federal Reserve Bank of New York (2015)
Keywords: central clearing; core-periphery network; scale-free network

Balance-Sheet Netting in U.S. Treasury Markets and Central Clearing,
David Bowman, Yesol Huh and Sebastian Infante, from Board of Governors of the Federal Reserve System (U.S.) (2024)
Keywords: Treasury securities; Supplementary leverage ratio; Central clearing; Netting

The potential impact of broader central clearing on dealer balance sheet capacity: a case study of UK gilt and gilt repo markets,
Yuliya Baranova, Eleanor Holbrook, David MacDonald, William Rawstorne, Nicholas Vause and Georgia Waddington, from Bank of England (2023)
Keywords: Central clearing; dealers; gilts; market structure; repo

Systemic Risk and Central Clearing Counterparty Design,
Hamed Amini, Damir Filipović and Andreea Minca, from Swiss Finance Institute (2013)
Keywords: Over the Counter Markets, Central Counterparty Clearing, Market Design, Financial Network, Contagion, Systemic Risk, Credit Default Swap Markets

Clearing networks,
Marco Galbiati and Kimmo Soramäki, in Journal of Economic Behavior & Organization (2012)
Keywords: Central counterparty; CCP; Clearing; Settlement; Network analysis;

The second key-Clearing,
Jacques Riboud, from Palgrave Macmillan (1980)
Keywords: Central Bank, Banking System, Total Movement, Clearing Mechanism, Clearing System

The impact of trade reporting and central clearing on CDS price informativeness,
Miriam Marra, Fan Yu and Lu Zhu, in Journal of Financial Stability (2019)
Keywords: Credit default swap; Post-trade transparency; Central clearing; Trade reporting; Informed trading;

The impact of central clearing on the market for single-name credit default swaps,
Mohamed-Ali Akari, Ramzi Ben-Abdallah, Michèle Breton and Georges Dionne, from HEC Montreal, Canada Research Chair in Risk Management (2019)
Keywords: Credit default swaps; central clearing; counterparty risk; liquidity; trading activity; difference-in-differences.

Collateral requirements for mandatory central clearing of over-the-counter derivatives,
Daniel Heller and Nicholas Vause, from Bank for International Settlements (2012)
Keywords: central counterparties, clearing, collateral, derivatives, default funds, initial margins, variation margins

Time for Stability in Derivatives Markets – a New Look at Central Counterparty Clearing for Securities Markets,
Thorsten Koeppl, in C.D. Howe Institute Commentary (2011)
Keywords: Financial Services, derivatives, securities markets, central counterparty clearing

The impact of central clearing on counterparty risk, liquidity, and trading: Evidence from the credit default swap market,
Yee Cheng Loon and Zhaodong Zhong, in Journal of Financial Economics (2014)
Keywords: Central clearing; Counterparty risk; Systemic risk; Liquidity; Credit default swap;

Central clearing of OTC derivatives: Bilateral vs multilateral netting,
Cont Rama and Kokholm Thomas, in Statistics & Risk Modeling (2014)
Keywords: Central clearing, networks, central counterparty, CCP, regulation, collateral, systemic risk, netting, OTC derivatives, OTC markets, risk management, Central clearing, networks, central counterparty, CCP, regulation, collateral, systemic risk, netting, OTC derivatives, OTC markets, risk management

The Cost of Clearing Fragmentation,
Evangelos Benos, Wenqian Huang, Albert Menkveld and Michalis Vasios, in Management Science (2024)
Keywords: central clearing, CCP basis, collateral, fragmentation

The Collateral Costs of Clearing,
Cyril Monnet and Thomas Nellen, from Swiss National Bank (2014)
Keywords: clearing, central counterparty, segregation, novation, mutualization

The cost of clearing fragmentation,
Evangelos Benos, Wenqian Huang, Albert Menkveld and Michalis Vasios, from Bank for International Settlements (2019)
Keywords: central clearing, CCP basis, collateral, fragmentation

The cost of clearing fragmentation,
Evangelos Benos, Wenqian Huang, Albert Menkveld and Michalis Vasios, from Bank of England (2019)
Keywords: Central clearing; CCP basis; collateral; fragmentation

Central Clearing Valuation Adjustment,
Yannick Armenti and Stéphane Crépey, from HAL (2017)
Keywords: netting,counterparty risk,cost of capital,central counterparty (CCP),margins,default fund,cost of funding

Applying the Central Clearing Mandate: Different Options for Different Markets,
John Kiff, Alessandro Gullo, Cory Hillier and Panagiotis Papapanagiotou, from International Monetary Fund (2022)
Keywords: central counterparties; international over the counter derivatives markets; regulation and governance.; interest rate derivatives CCP; Non-U.S. OTC foreign exchange; OTC derivatives transaction; counter derivatives market; clearing mandate; Central counterparty clearing house; Withholding tax; Interest payments; Collateral; Tax law; Global; Africa

The impact of central clearing on the market for single-name credit default swaps,
Mohamed-Ali Akari, Ramzi Ben-Abdallah, Michèle Breton and Georges Dionne, in The North American Journal of Economics and Finance (2021)
Keywords: Credit default swaps; Central clearing; Counterparty risk; Liquidity; Trading activity; Bond default spread; Difference-in-differences; Parallel trend;

Central clearing counterparties’ recovery and resolution: Where do we stand in the European Union?,
Marc Peters and Heinrich Wollny, in Journal of Securities Operations & Custody (2019)
Keywords: financial stability, financial market infrastructures, central clearing, central counterparty, CCP, recovery, resolution

Clearinghouse-Five: determinants of voluntary clearing in European derivatives markets,
Paweł Fiedor, from European Systemic Risk Board (2018)
Keywords: central clearing, central counterparties, derivatives, incentives

This article analyzes the impact of the introduction of centrally cleared credit risk transfer on a loan originating bank's lending discipline in the primary loan market. Under Basel III, a bank can transfer credit risk via central clearing at favorable regulatory conditions. Central clearing, however, reduces the lending discipline because the fact that only standardized contracts can be centrally cleared allows the originating bank to profitably grant and hedge a low quality loan. The impact on the lending discipline crucially depends on the regulatory design of central clearing such as capital requirements, disclosure standards, risk retention, and access to uncleared credit risk transfer. I also show that the lending discipline is an important determinant of the impact of central clearing on system risk,
Marc Arnold, from University of St. Gallen, School of Finance (2014)
Keywords: Credit Risk Transfer, Central Clearing, Lending Discipline, Systemic Risk

Cross-border clearing: Implications for developing markets,
Alicia Greenwood, in Journal of Securities Operations & Custody (2023)
Keywords: central clearing, regulatory equivalence, market fragmentation

Does Central Clearing Affect Price Stability? Evidence from Nordic Equity Markets,
Albert Menkveld, Emiliano Pagnotta and Marius Zoican, from HAL (2016)
Keywords: Central clearing,price stability,equity volatility,margin requirement,counterparty risk,liquidity

Public policy and central counterparty clearing,
Michael H. Moskow, in Economic Perspectives (2006)
Keywords: Banks and banking, Central; Public policy; Risk management

On the choice of central counterparties in the EU,
Gabrielle Demange and Thibaut Piquard, from HAL (2023)
Keywords: Central counter-party,Central clearing,Dealers,Collateral

On the choice of central counterparties in the EU,
Gabrielle Demange and Thibaut Piquard, from HAL (2023)
Keywords: Central counter-party,Central clearing,Dealers,Collateral

On the choice of central counterparties in the EU,
Gabrielle Demange and Thibaut Piquard, in Journal of Financial Markets (2023)
Keywords: Central counter-party; Central clearing; Dealers; Collateral;

On the Choice of Central Counterparties in the EU,
Gabrielle Demange and Thibaut Piquard, from Banque de France (2022)
Keywords: Central Counter-Party, Central Clearing, Dealers, Collateral

Central Clearing and Systemic Liquidity Risk,
G. Thomas Kingsley, Travis Nesmith, Anna Paulson and Todd Prono, from Federal Reserve Bank of Chicago (2019)
Keywords: margin; financial systems; Central Counterparties (CCPs); procyclicality; liquidity risk; financial stability

Central Clearing and Systemic Liquidity Risk,
Thomas King, Travis Nesmith, Anna Paulson and Todd Prono, from Board of Governors of the Federal Reserve System (U.S.) (2022)
Keywords: Financial systems; Central counterparties; CCPs; Margin; Liquidity risk; Systemic risk; Financial stability; Procyclicality

The silent revolution: Clearing and settlement in the future,
Godfried De Vidts, in Journal of Securities Operations & Custody (2009)
Keywords: clearing, settlement, OTC markets, central counterparty (CCP), credit derivatives

Central counterparties,
Thorsten Koeppl and Cyril Monnet, from Center for Financial Studies (CFS) (2008)
Keywords: Central Counterparty, Clearing, Default, Collateral, Risk Management

CDS Execution and Clearing Mechanisms,
Christopher L. Culp, Andria van der Merwe and Bettina J. Stärkle, from Palgrave Macmillan (2018)
Keywords: Credit default swap, CDS, CDS market activity, Swap execution facility, SEF, Dodd-Frank clearing mandate, CDS clearing, Central counterparty

Issues related to central counterparty clearing: concluding remarks,
Jean-Claude Trichet, in Economic Perspectives (2006)
Keywords: Banks and banking, Central

Issues related to central counterparty clearing: opening remarks,
Gertrude Tumpel-Gugerell, in Economic Perspectives (2006)
Keywords: Banks and banking, Central

The Evolution of Central Banks,
Charles Goodhart, from The MIT Press (1988)
Keywords: noncompetitive central banks, clearing house, club theory

Anti-cyclical versus risk-sensitive margin strategies in central clearing,
Edina Berlinger, Barbara Dömötör and Ferenc Illés, in Journal of International Financial Markets, Institutions and Money (2019)
Keywords: Micro-simulation; Risk analysis; Clearing house;

Clearing Systems of Central and Eastern Europe, waiting for the TARGET2 Securities,
Andrea Kriskó, from European Regional Science Association (2014)
Keywords: TARGET2 Securities; clearing houses; financial standards;

Transparency and collateral: central versus bilateral clearing,
Gaetano Antinolfi, Francesca Carapella and Francesco Carli, in Theoretical Economics (2022)
Keywords: Limited commitment, central counterparties, collateral

Central counterparty clearing: history, innovation, and regulation,
Randall S. Kroszner, in Economic Perspectives (2006)
Keywords: Banks and banking, Central; Derivative securities

Transparency and Collateral: Central versus Bilateral Clearing,
Gaetano Antinolfi, Francesca Carapella and Francesco Carli, from Board of Governors of the Federal Reserve System (U.S.) (2018)
Keywords: Central counterparties; Collateral; Limited commitment

Euro clearing after Brexit: shifting locations and oversight,
Sven Van Kerckhoven and Jed Odermatt, in Journal of Financial Regulation and Compliance (2020)
Keywords: European Union, Brexit, Central Counterparty Clearing (CCP), EU27

Non-dealer Clearing of Over-the-counter Derivatives,
Ashwin Clarke and Paul Ryan, in RBA Bulletin (Print copy discontinued) (2014)
Keywords: central counterparties; central clearing; client clearing; counterparty credit risk; margin and collateral; over-the-counter derivatives; regulatory reform; segregation and portability

Does OTC Derivatives Reform Incentivize Central Clearing?,
Samim Ghamami and Paul Glasserman, from Office of Financial Research, US Department of the Treasury (2016)
Keywords: central counterparties (ccp), over-the-counter, defaults, cost incentives

Efficiency of central clearing under liquidity stress,
Marco Bardoscia, Fabio Caccioli and Haotian Gao, from Bank of England (2022)
Keywords: Financial network; systemic risk; derivatives; central counterparties; contagion

The Limits Of Central Counterparty Clearing: Collusive Moral Hazard And Market Liquidity,
Thorsten Koeppl, from Economics Department, Queen's University (2013)
Keywords: CCP Clearing, Counterparty Risk, Moral Hazard, Collateral, Market Liquidity

Certainty of clearing: Creating a credit-checking tool for OTC derivatives,
Jon Williams, in Journal of Securities Operations & Custody (2013)
Keywords: Tradeweb, clearing, certainty, derivatives, swaps, IRS, CDS, central counterparty

Settlement internalization: the production and distribution of services in the (clearing and) settlement industry,
Salvatore Lo Giudice, in Journal of Financial Transformation (2007)
Keywords: Clearing and settlement; settlement internalisation; central securities depositories; monopoly; competition

The history of interbank settlement arrangements: exploring central banks’ role in the payment system,
Ben Norman, Rachel Shaw and George Speight, from Bank of England (2011)
Keywords: Monetary history; central banking; payments clearing and settlement

OTC central counterparty clearing: Myths and reality,
Alistair Milne, in Journal of Risk Management in Financial Institutions (2012)
Keywords: counterparty risk, central counterparties, systemic financial risk, financial stability, OTC derivatives, financial regulation

Five Fundamental Questions on Central Counterparties,
Ron Berndsen, from Tilburg University, Center for Economic Research (2020)
Keywords: Central counterparty; clearing; OTC derivatives; financial stability; G20 central clearing mandate; recovery and resolution

On the market structure of central counterparties in the EU,
Gabrielle Demange and Thibaut Piquard, from HAL (2021)
Keywords: Competition,Central clearing,Central counter-party,Dealers,Collateral

On the market structure of central counterparties in the EU,
Gabrielle Demange and Thibaut Piquard, from HAL (2021)
Keywords: Competition,Central clearing,Central counter-party,Dealers,Collateral

Decentralised clearing? An assessment of the impact of DLTs on CCPs,
Rafael Plata, Max Chan and Fernando Cerezetti, in Journal of Securities Operations & Custody (2024)
Keywords: central counterparties, central clearing, financial regulation, derivatives markets, OTC derivatives, systemic risk

Clearing, counterparty risk and aggregate risk,
Bruno Biais, Florian Heider and Marie Hoerova, from European Central Bank (2012)
Keywords: aggregate and idiosyncratic risk, central clearing counterparty, counterparty risk, moral hazard, mutualization, optimal contracting, risk-sharing

Germany: Financial Sector Assessment Program-Detailed Assessment of Observance on Eurex Clearing AG Observance of the CPSS-IOSCO Recommendations for Central Counterparties,
International Monetary Fund, from International Monetary Fund (2011)
Keywords: ISCR;CR;Eurex rule;financial market;participation requirement;Eurex CCP business;central bank;Eurex delivery process; default procedure; Eurex website; risk management framework; Eurex default rule; Eurex governance arrangement; Eurex concentration risk; Eurex risk data services; clearing activity; Eurex risk management framework; Eurex access requirement; margin call; Central counterparty clearing house; Securities; Credit; Legal support in revenue administration; Collateral; Global;access requirement

United States: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance of the National Securities Clearing Corporation’s Observance of the CPSS-IOSCO Recommendations for Central Counterparties,
International Monetary Fund, from International Monetary Fund (2010)
Keywords: ISCR;CR;NSCC's rule;clearing fund;NSCC member;default procedure;NSCC management; NSCC closeout procedure; NSCC participant; governance arrangement; membership agreement; NSCC applicant; Central counterparty clearing house; Securities; Operational risk; Credit default swap; Legal support in revenue administration

United States: Publication of Financial Sector Assessment Program Documentation: Detailed Assessment of Observance of the Fixed Income Clearing Corporation: Government Securities Division’s Observance of the CPSS-IOSCO Recommendations for Central Counterparties,
International Monetary Fund, from International Monetary Fund (2010)
Keywords: ISCR;CR;Ficc-GSD's rule;cross-margining agreement;repo arrangement Ficc-GSD;participation requirement;settlement process; Ficc-GSD member; rule filing; clearing banks; Central counterparty clearing house; Securities; Operational risk; Legal support in revenue administration; Stress testing

The Emergence And Future Of Central Counterparties,
Cyril Monnet and Thorsten Koeppl, from Economics Department, Queen's University (2010)
Keywords: Central Counterparty, Clearing, Over-the-counter Markets, Novation and Mutualization, Default Risk

Derivatives clearing and settlement: a comparison of central counterparties and alternative structures,
Robert R. Bliss and Robert Steigerwald, in Economic Perspectives (2006)
Keywords: Banks and banking, Central; Derivative securities; Clearinghouses (Banking)

Comparison between internal and electronic clearing systems for checks: A case study pertaining to the Iraqi banking industry,
Huby Maysaa saad Jawad, Ibrahim Lamyaa Ali and Abbas Ali Abdulhassan, in Financial Internet Quarterly (formerly e-Finanse) (2024)
Keywords: Inter Bank Clearing System (IBCS), Check Automated Clearing House System (C-ACH), Central Bank Of Iraq, Islamic Bank, Bank Payment Clearing System, Iraq Economic Growth