Managing the Risks that Appear throughout the Pursuit of Clearing

This paper proposes to deal with some aspects of clearing houses and the significant changes in European legislation in this field. It will also embark upon discussing the risks incurred in clearing houses in the current context of the international economic crisis-driven and how clearing houses in Romania can manage these risks mainly related to the market risk, credit risk and liquidity risk. This study will conclude with an econometric model of credit risk management that affects clearing houses.