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Zentrale Gegenparteien für den außerbörslichen Derivatehandel in der Praxis

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  • Neuner, Stefan
  • Schäfer, Klaus

Abstract

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.

Suggested Citation

  • Neuner, Stefan & Schäfer, Klaus, 2011. "Zentrale Gegenparteien für den außerbörslichen Derivatehandel in der Praxis," Bayreuth Working Papers on Finance, Accounting and Taxation (FAcT-Papers) 2011-02, University of Bayreuth, Chair of Finance and Banking.
  • Handle: RePEc:zbw:bayfat:201102
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    References listed on IDEAS

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    1. Nicholas Vause, 2010. "Counterparty risk and contract volumes in the credit default swap market," BIS Quarterly Review, Bank for International Settlements, December.
    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. Stephen G Cecchetti & Jacob Gyntelberg & Marc Hollanders, 2009. "Central counterparties for over-the-counter derivatives," BIS Quarterly Review, Bank for International Settlements, September.
    4. 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.
    5. Loader, David, 2005. "Clearing and Settlement of Derivatives," Elsevier Monographs, Elsevier, edition 1, number 9780750664523.
    6. Hasenpusch,Tina P., 2009. "Clearing Services for Global Markets," Cambridge Books, Cambridge University Press, number 9780521518710, May.
    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.
    8. Elisabeth Ledrut & Christian Upper, 2007. "Changing post-trading arrangements for OTC derivatives," BIS Quarterly Review, Bank for International Settlements, December.
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    More about this item

    Keywords

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

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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