of losses and the question of whether and how to provide for continuity of clearing services. I discuss how one might …

reluctance to clear derivative trades in the absence of a central clearing obligation. We develop a comprehensive understanding … moving from a bilateral to a clearing architecture for derivative markets. Previous studies suggest that central clearing is … beneficial for single market participants in the presence of a sufficiently large number of clearing members. We show that three …

looking at counterparty relations within both direct (house) clearing and client clearing. Since the majority of the gross … notional is transferred within central counterparties and their clearing members, client clearing is often neglected in the … literature, despite its significance in terms of net exposures. We find that the client clearing structure is very strongly …

In September 2009, G20 paved the way for the mandatory central clearing of over-the-counter (OTC) derivatives, which … came into effect in December 2012. This new regulation involves a central clearing counterparty (CCP): a financial … the effect of central clearing of OTC derivatives on the financial system stability by means of network simulation …

The G20's push towards central clearing changed the shape of the world's financial system: all standardized derivative … contracts must now be cleared through central counterparties (CCPs). Despite considerable debate, the impact of central clearing … nonetheless remains ambiguous and hard to measure as clearing regulations have been implemented alongside many other changes. In …

indicators the ESRB has developed to analyse developments in central clearing in the EU.The indicators are designed to provide a …