Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/66927
Authors: 
Lazarow, Alexandre
Year of Publication: 
2011
Series/Report no.: 
Bank of Canada Discussion Paper 2011-4
Abstract: 
Since the financial crisis, attention has focused on central counterparties (CCPs) as a solution to systemic risk for a variety of financial markets, ranging from repurchase agreements and options to swaps. However, internationally accepted standards and the academic literature have left unanswered many practical questions related to the design of CCPs. The author analyzes the inherent trade-offs and resulting international benchmarks for a certain set of issues. Four CCPs - FINet, CME Clearing, Eurex Clearing and LCH.Clearnet - are considered in terms of riskmanagement, CCP links, governance and operational risk.
Subjects: 
Financial system regulation and policies
Financial stability
Payment, clearing, and settlement systems
Financial markets
JEL: 
G01
G14
G18
G28
G38
Document Type: 
Working Paper
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