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Changing post-trading arrangements for OTC derivatives

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  • Elisabeth Ledrut
  • Christian Upper

Abstract

The post-trading infrastructure of OTC derivatives markets has not always kept up with the rapid growth in trading volumes. Recent years have seen some initiatives that seek to introduce multilateral elements that facilitate flows of information between market participants while preserving the decentralised nature of the transactions. While central counterparties lead to the highest degree of mutualisation, other services, such as central information depositories or multilateral terminations, could deliver similar benefits in terms of information management.

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Bibliographic Info

Article provided by Bank for International Settlements in its journal BIS Quarterly Review.

Volume (Year): (2007)
Issue (Month): (December)
Pages:

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Handle: RePEc:bis:bisqtr:0712i

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References

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  1. James T. Moser, 1998. "Contracting innovations and the evolution of clearing and settlement methods at futures exchanges," Working Paper Series WP-98-26, Federal Reserve Bank of Chicago.
  2. Robert R. Bliss & Robert Steigerwald, 2006. "Derivatives clearing and settlement: a comparison of central counterparties and alternative structures," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q IV, pages 22-29.
  3. Randall S. Kroszner, 2006. "Central counterparty clearing: history, innovation, and regulation," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q IV, pages 37-41.
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Cited by:
  1. Sweta Saxena & Agustin Villar, 2008. "Hedging instruments in emerging market economies," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial globalisation and emerging market capital flows, volume 44, pages 71-87 Bank for International Settlements.
  2. Larry D. Wall, 2012. "Central banking for financial stability Some lessons from the recent instability in the US and euro area," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 8(3), pages 247-280, August.
  3. Jonathan Kearns & Philip Lowe, 2008. "Promoting Liquidity: Why and How?," RBA Research Discussion Papers rdp2008-06, Reserve Bank of Australia.
  4. Darrell Duffie, 2010. "The Failure Mechanics of Dealer Banks," Journal of Economic Perspectives, American Economic Association, vol. 24(1), pages 51-72, Winter.
  5. Claudio Borio, 2010. "Ten propositions about liquidity crises," CESifo Economic Studies, CESifo, vol. 56(1), pages 70-95, March.
  6. Wall, Larry D., 2012. "Central Banking for Financial Stability: Some Lessons from the Recent Instability in the United States and Euro Area," ADBI Working Papers 379, Asian Development Bank Institute.
  7. Neuner, Stefan & Schäfer, Klaus, 2011. "Zentrale Gegenparteien für den außerbörslichen Derivatehandel in der Praxis," Bayreuth Working Papers on Finance, Accounting and Taxation (FAcT-Papers) 2011-02, University of Bayreuth, Chair of Finance and Banking.
  8. Stephen G Cecchetti & Jacob Gyntelberg & Marc Hollanders, 2009. "Central counterparties for over-the-counter derivatives," BIS Quarterly Review, Bank for International Settlements, September.
  9. Darrell Duffie, 2010. "The failure mechanics of dealer banks," BIS Working Papers 301, Bank for International Settlements.
  10. Jacob Gyntelberg & Christian Upper, 2013. "The OTC interest rate derivatives market in 2013," BIS Quarterly Review, Bank for International Settlements, December.

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