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Clearing Services for Global Markets

Clearing Services for Global Markets

Clearing Services for Global Markets

A Framework for the Future Development of the Clearing Industry
Tina P. Hasenpusch
September 2009
Available
Hardback
9780521518710

    Clearing forms the core part of a smooth and efficiently functioning financial market infrastructure. Traditionally, it has been provided by clearing houses, most of which today act as a 'central counterparty' (CCP) between the two sides of a trade. The rapid growth of cross-border trading has sparked discussion on the most efficient industry structure - particularly in Europe and the US. At the heart of this discussion lies the question of whether the implementation of a single clearing house creates greater benefits than a more competitive but interlinked market structure. This is the starting point for this book, which analyses the efficiency of clearing and clearing industry structure. Along with clear-cut definitions and a concise characterisation and descriptive analysis of the clearing industry, the book determines the efficiency impact of various cross-border integration and harmonisation initiatives between CCPs. This serves to identify the most preferable future structure for the clearing industry.

    Product details

    September 2009
    Hardback
    9780521518710
    570 pages
    244 × 170 × 32 mm
    1.1kg
    Available

    Table of Contents

    • List of figures
    • List of abbreviations
    • Acknowledgements
    • Foreword
    • 1. Introduction
    • 2. Setting the stage - definitions and industry setting
    • 3. Defining the core issues - efficiency and network strategies
    • 4. Collecting empirical insights - introduction to the empirical study
    • 5. Analysing costs of derivatives clearing - transaction cost studies
    • 6. Exploring theoretical basics - scale effects in clearing
    • 7. What theory reveals - framework for efficiency analysis of network strategies
    • 8. Checking theory against reality - case studies of network strategies
    • 9. Quantifying the efficiency impact - European network strategies
    • 10. Introducing the future network economy - development of the clearing industry
    • 11. Summary, discussion and recommendations for future research
    • Appendices
    • Bibliography
    • Index.
      Author
    • Tina P. Hasenpusch