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Das Clearing von Euro-OTC-Derivaten post Brexit: Eine Analyse der vorliegenden Kostenschätzungen

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  • Brühl, Volker

Abstract

Im Zusammenhang mit dem Brexit wird über die Kosten einer Relokation des Clearing des Euro-OTC-Derivate-Geschäftes auf ein EU-CCP diskutiert. Das vorliegende Papier zeigt, dass die bislang vorliegenden Kostenschätzungen, die von Kosten in Höhe von bis zu USD 100 Mrd. für einen Zeitraum von fünf Jahren ausgehen, viel zu hoch sind. Die erwarteten Kosten einer Relokation liegen vielmehr bei ca. USD 0,6 Mrd. p.a. bzw. ca. USD 3,2 Mrd. für eine Übergangsphase von fünf Jahren. Angesichts der hohen Bedeutung von systemrelevanten CCPs für die Stabilität der Eurozone sollten diese Kosten nicht entscheidungsrelevant für eine Relokation sein.

Suggested Citation

  • Brühl, Volker, 2017. "Das Clearing von Euro-OTC-Derivaten post Brexit: Eine Analyse der vorliegenden Kostenschätzungen," CFS Working Paper Series 588, Center for Financial Studies (CFS).
    • Handle: RePEc:zbw:cfswop:588
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    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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