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Zentrale Gegenparteien für den außerbörslichen Derivatehandel in der Praxis


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  • Neuner, Stefan
  • Schäfer, Klaus
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    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.

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    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.

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    Date of creation: 2011
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    Handle: RePEc:zbw:bayfat:201102

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

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    1. Hasenpusch,Tina P., 2009. "Clearing Services for Global Markets," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521518710.
    2. Darrell Duffie & Ada Li & Theo Lubke, 2010. "Policy perspectives on OTC derivatives market infrastructure," Staff Reports, Federal Reserve Bank of New York 424, Federal Reserve Bank of New York.
    3. John Kiff & Ron Morrow, 2000. "Credit Derivatives," Bank of Canada Review, Bank of Canada, Bank of Canada, vol. 2000(Autumn), pages 3-11.
    4. Elisabeth Ledrut & Christian Upper, 2007. "Changing post-trading arrangements for OTC derivatives," BIS Quarterly Review, Bank for International Settlements, December.
    5. Nicholas Vause, 2010. "Counterparty risk and contract volumes in the credit default swap market," BIS Quarterly Review, Bank for International Settlements, December.
    6. John P Jackson & Mark J Manning, 2007. "Comparing the pre-settlement risk implications of alternative clearing arrangements," Bank of England working papers 321, Bank of England.
    7. 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.
    8. Stephen G Cecchetti & Jacob Gyntelberg & Marc Hollanders, 2009. "Central counterparties for over-the-counter derivatives," BIS Quarterly Review, Bank for International Settlements, September.
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