Advanced Search
MyIDEAS: Login to save this paper or follow this series

Zentrale Gegenparteien für den außerbörslichen Derivatehandel in der Praxis

Contents:

Author Info

  • Neuner, Stefan
  • Schäfer, Klaus
Registered author(s):

    Abstract

    Die aus der geringen Transparenz und mangelnden Standardisierung des außerbörslichen Derivatehandels resultierenden Gefahren sind durch die internationale Finanzkrise deutlich aufgedeckt worden. Nach dem Willen von Regulierungsbehörden soll diesem bisher weitgehend unregulierten Marktsegment durch den vermehrten Einsatz zentraler Gegenparteien (Central Clearing Counterparties (CCPs)) ein unmittelbarer Ordnungsrahmen gegeben werden. Seit kurzem wird deshalb der Markt für Kreditderivate teilweise zentral abgewickelt. Wie auch bei dem schon länger etablierten Segment für Zinsswaps zeigt sich, dass vor allem ein Anbieter das Abwicklungsvolumen auf sich vereint. Die Arbeit soll die Anbieter zentraler Clearingdienste - am Beispiel von LCH.Clearnet, Eurex und ICE Clear - charakterisieren und diskutieren, welche Faktoren für den Erfolg von CCPs auf Teilmärkten des außerbörslichen Derivatemarktes verantwortlich sind. -- The lack of transparency and standardization of trading derivatives over-thecounter (OTC) is supposed to be one of the reasons of the international financial crisis. Regulators are willing to regulate the OTC-market directly by the increased use of central clearing counterparties (CCPs). Recently, therefore, the market for Credit Default Swaps is cleared centrally and several vendors have already placed their platforms. Primarily one provider processes the clearing volume on this market, which already could be proved for the market of interest rate swaps. The paper characterizes clearing organizations - drawing on the examples of LCH.Clearnet, Eurex and ICE Clear - and discusses factors that are responsible for the success of CCPs on the OTC-market.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://econstor.eu/bitstream/10419/54952/1/683483811.pdf
    Download Restriction: no

    Bibliographic Info

    Paper provided by University of Bayreuth, Chair of Finance and Banking in its series Bayreuth Working Papers on Finance, Accounting and Taxation (FAcT-Papers) with number 2011-02.

    as in new window
    Length:
    Date of creation: 2011
    Date of revision:
    Handle: RePEc:zbw:bayfat:201102

    Contact details of provider:
    Postal: Universitätsstraße 30, 95440 Bayreuth
    Web page: http://www.fiba.uni-bayreuth.de/de/index.html
    More information through EDIRC

    Related research

    Keywords: Zentrale Gegenpartei; Finanzkrise; Clearing; außerbörsliche Derivate; Zinsderivate; Kreditderivate; Credit Default Swaps;

    Find related papers by JEL classification:

    This paper has been announced in the following NEP Reports:

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. John P Jackson & Mark J Manning, 2007. "Comparing the pre-settlement risk implications of alternative clearing arrangements," Bank of England working papers, Bank of England 321, Bank of England.
    2. Darrell Duffie & Ada Li & Theo Lubke, 2010. "Policy Perspectives on OTC Derivatives Market Infrastructure," Working Papers, Becker Friedman Institute for Research In Economics 2010-002, Becker Friedman Institute for Research In Economics.
    3. Stephen G Cecchetti & Jacob Gyntelberg & Marc Hollanders, 2009. "Central counterparties for over-the-counter derivatives," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, September.
    4. John Kiff & Jennifer A. Elliott & Elias G. Kazarian & Jodi G. Scarlata & Carolyne Spackman, 2009. "Credit Derivatives," IMF Working Papers 09/254, International Monetary Fund.
    5. Hasenpusch,Tina P., 2009. "Clearing Services for Global Markets," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521518710.
    6. Duffie, Darrell & Li, Ada & Lubke, Theo, 2010. "Policy Perspectives on OTC Derivatives Market Infrastructure," Research Papers, Stanford University, Graduate School of Business 2046, Stanford University, Graduate School of Business.
    7. Elisabeth Ledrut & Christian Upper, 2007. "Changing post-trading arrangements for OTC derivatives," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, December.
    8. Nicholas Vause, 2010. "Counterparty risk and contract volumes in the credit default swap market," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:zbw:bayfat:201102. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.