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Alliances, new markets and new products from central counterparties : risks and challenges

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  • Christophe Hémon

Abstract

[eng] Central counterparties, also known as clearing houses, are the focus of ongoing debate in the financial community, as are the operators of Europe’s financial exchanges. This raises the question of why this particular link in the trade processing chain is seen as the key element in reshaping market infrastructures in Europe. The key issues are whether Europe needs a single clearing house and, if so, what governance and business models should apply to it. Once these questions have been answered, there remains the even more complex matter of the intermediate steps required to achieve that goal. For markets, there are still questions about whether concentration or competition at trading level is the best scenario, since each has obvious advantages and drawbacks. But there now seems to be a consensus on the principle of establishing a single clearing house for Europe as soon as possible. . JEL classification : F36, G14, G28

Suggested Citation

  • Christophe Hémon, 2006. "Alliances, new markets and new products from central counterparties : risks and challenges," Revue d'Économie Financière, Programme National Persée, vol. 82(1), pages 195-201.
    • Handle: RePEc:prs:recofi:ecofi_1767-4603_2006_num_82_1_4451
    DOI: 10.3406/ecofi.2006.4451
    Note: DOI:10.3406/ecofi.2006.4451
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    More about this item

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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