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Central clearing: trends and current issues

Author

Listed:
  • Dietrich Domanski
  • Leonardo Gambacorta
  • Cristina Picillo

Abstract

Central clearing of standardised financial instruments, as promoted by the G20 Leaders, addresses some of the financial stability risks that materialised during the Great Financial Crisis. Its rapid evolution since 2009 may have changed the linkages between central counterparties and the rest of the financial system. Against the backdrop of these trends, this article discusses how, and through which mechanisms, central clearing might have affected systemic risk.

Suggested Citation

  • Dietrich Domanski & Leonardo Gambacorta & Cristina Picillo, 2015. "Central clearing: trends and current issues," BIS Quarterly Review, Bank for International Settlements, December.
  • Handle: RePEc:bis:bisqtr:1512g
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    References listed on IDEAS

    as
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    18. repec:ecb:ecbwps:20111427 is not listed on IDEAS
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Making Markets Safe: The Role of Central Clearing
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2016-03-28 17:33:05

    Citations

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    Cited by:

    1. Jaremski, Matthew, 2018. "The (dis)advantages of clearinghouses before the Fed," Journal of Financial Economics, Elsevier, vol. 127(3), pages 435-458.
    2. Gabriele Galati & Richhild Moessner, 2018. "What Do We Know About the Effects of Macroprudential Policy?," Economica, London School of Economics and Political Science, vol. 85(340), pages 735-770, October.
    3. repec:bis:bisqtr:1812h is not listed on IDEAS
    4. repec:spr:jeicoo:v:13:y:2018:i:1:d:10.1007_s11403-017-0208-1 is not listed on IDEAS
    5. Bellia, Mario & Panzica, Roberto & Pelizzon, Loriana & Peltonen, Tuomas A., 2017. "The demand for central clearing: to clear or not to clear, that is the question," ESRB Working Paper Series 62, European Systemic Risk Board.
    6. Lopez, Claude & Saeidinezhad, Elham, 2017. "Central Counterparties Help, But Do Not Assure Financial Stability," MPRA Paper 80358, University Library of Munich, Germany.
    7. Krahnen, Jan Pieter & Pelizzon, Loriana, 2016. ""Predatory" margins and the regulation and supervision of central counterparty clearing houses (CCPs)," SAFE White Paper Series 41, Goethe University Frankfurt, Research Center SAFE - Sustainable Architecture for Finance in Europe.

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