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Title:Lessons from international central counterparties: Benchmarking and analysis PDF Logo
Authors:Lazarow, Alexandre
Issue Date: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
Appears in Collections:Bank of Canada Discussion Papers

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