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Zentrale Gegenparteien für den außerbörslichen Derivatehandel in der Praxis

  • 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.

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    File URL: http://econstor.eu/bitstream/10419/54952/1/683483811.pdf
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    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
    Contact details of provider: Postal: Universitätsstraße 30, 95440 Bayreuth
    Web page: http://www.fiba.uni-bayreuth.de/de/index.html

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    1. 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.
    2. Duffie, Darrell & Li, Ada & Lubke, Theo, 2010. "Policy Perspectives on OTC Derivatives Market Infrastructure," Research Papers 2046, Stanford University, Graduate School of Business.
    3. repec:cup:cbooks:9780521518710 is not listed on IDEAS
    4. Elisabeth Ledrut & Christian Upper, 2007. "Changing post-trading arrangements for OTC derivatives," BIS Quarterly Review, Bank for International Settlements, December.
    5. Stephen G Cecchetti & Jacob Gyntelberg & Marc Hollanders, 2009. "Central counterparties for over-the-counter derivatives," BIS Quarterly Review, Bank for International Settlements, September.
    6. Nicholas Vause, 2010. "Counterparty risk and contract volumes in the credit default swap market," BIS Quarterly Review, Bank for International Settlements, December.
    7. John Kiff & Jennifer A. Elliott & Elias G. Kazarian & Jodi G. Scarlata & Carolyne Spackman, 2009. "Credit Derivatives; Systemic Risks and Policy Options?," IMF Working Papers 09/254, International Monetary Fund.
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