Lessons from International Central Counterparties: Benchmarking and Analysis
AbstractSince the financial crisis, attention has focused on central counterparties (CCPs) as a solution to systemic risk for a variety of financial markets, ranging from repurchase agreements and options to swaps. However, internationally accepted standards and the academic literature have left unanswered many practical questions related to the design of CCPs. The author analyzes the inherent trade]offs and resulting international benchmarks for a certain set of issues. Four CCPs - FINet, CME Clearing, Eurex Clearing and LCH.Clearnet - are considered in terms of risk management, CCP links, governance and operational risk.
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Bibliographic InfoPaper provided by Bank of Canada in its series Discussion Papers with number 11-4.
Length: 41 pages
Date of creation: 2011
Date of revision:
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Financial system regulation and policies; Financial stability; Payment; clearing; and settlement systems; Financial markets;
Find related papers by JEL classification:
- G01 - Financial Economics - - General - - - Financial Crises
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
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