International Settlements (BIS) have advocated for the introduction of a central counterparty (CCP). This study examines the … consequences of introducing CCP clearing in local repo markets. In general, CCPs offer two benefits: they can reduce required …

This paper provides the first in-depth investigation into the evolution of the wealth gap between CCP and non-CCP … premiums of party membership across the wealth distribution. Our results show that although the average wealth gap between CCP … and non-CCP households remained substantial and consistent throughout the period, there have been significant shifts in …

In early 2022, a UK CCP canceled some $4 billion of transactions in the war-affected nickel market, triggering outrage … from market participants that were in the money. The ‘nickel debacle’ illustrates that CCP risk management and loss … absorption mechanisms may result in value redistribution among stakeholders. With CCP stakeholders located in multiple …