Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154458
Authors: 
Russo, Daniela
Hart, Terry L.
Schönenberger, Andreas
Year of Publication: 
2002
Series/Report no.: 
ECB Occasional Paper 5
Abstract: 
This paper is organised as follows. Section 1 explains why issues concerning central counterparty clearing houses are of direct concern to central banks and why a comparison of the European and the US situation is of interest. Section 2 provides a comparative overview of the organisation of derivatives exchanges in the United States and in Europe. Section 3 focuses on the organisation of clearing, covering a broad range of aspects. Section 4 analyses operational developments in international risk management practices and arrangements. Section 5 discusses various forms of structural consolidation in the clearing and settlement infrastructure by highlighting the different approaches taken in the United States and in Europe. Section 6 is devoted to the roles of central banks and financial market regulators regarding clearing and to the challenges they face as a result of current innovations in clearing arrangements. Finally, Section 7 summarises some of the main findings.
Document Type: 
Research Report

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