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Des effets théoriques de l'introduction d'une contrepartie centrale pour l'organisation des marchés otc

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  • Valère Fourel
  • Julien Idier

Abstract

This article identifies and analyzes the various benefits and drawbacks that the adoption of a central counterparty [CCP] for OTC markets can induce, notably in terms of counterparty, systemic, transparency and liquidity risks management. First, we look at how the transaction costs are affected by the introduction of this risk pooling entity. The implications of the presence of a CCP on the liquidity and market transparency are then analyzed. Finally, we discuss the various risks faced by the CCP (concentration risk, information asymmetry, moral hazard and adverse selection) and bring out some recommendations regarding the functioning and access to the CCP terms. Classification JEL: G15, G18, G23.

Suggested Citation

  • Valère Fourel & Julien Idier, 2011. "Des effets théoriques de l'introduction d'une contrepartie centrale pour l'organisation des marchés otc," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 53-72.
    • Handle: RePEc:cai:refaef:ecofi_101_0053
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    Cited by:

    1. Cécile Bastidon & Philippe Gilles & Nicolas Huchet, 2012. "Chocs de Spread, liquidité du marché interbancaire et politique monétaire," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 55(4), pages 409-426.

    More about this item

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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