... Association (ICMA)
Clearing Services for
Global Markets
A Framework for the Future Development
of the Clearing Industr y
Tina P. Hasenpusch
xxi List of figures
8. 16 Transaction Cost Impact Matrix for ... many changes afoot in the
areas of exchange regulation and clearing. ’
HARVEYL.PITT
Chief Executive Of cer of Kalorama Partners and former Chairman o...
... growth of exchange-
traded derivatives in the past decade has been accompanied by an increasing
internationalisation of the markets and their clearing arrangements.
46
Insti-
tutional and individual ... definition of clearing.
Outlines value-added of clearing for individual market
participants, for capital markets as a whole and
according to asset classes.
Define...
... charging a separate clearing
39
In such cases, line fees are part of the service provider charges and not part of the clearing house charges.
92 Clearing Services for Global Markets
necessary. As the ... Each
clearing house reflects the positions of the partner clearing house in the form
of an omnibus account.
1 36
This means that the opening of a...
... interviewed clearing member representative.
35
Trading arcades are firms that offer individual traders access to trading platforms and clearing services.
Arcades offer traders a place where they can work ... have leaner management teams that
are devoid of managers with a strategic interest and detailed cost view on
clearing. Clearing is, after all, more of operational than str...
... vital. As the analysis has shown, the organisa-
tion of derivatives clearing could serve as a role model for other parts of the
European market infrastructure.
As outlined above, to evaluate the ... tr ading and
clearing fees.
67
Eurex and the Clearing Corporation planned to charge a link fee of €0.05 for the clearing of the
Eurex’s CFTC-approved euro-d...
... connection
of new marketplaces as a means to increase scale are the level of automation
and the use of standard interfaces. The higher the level of automation and
the more common the use of standard ... other parts of the transaction value chain. The
trust and collateral management effects can positively impact the liquidity
and allocation of capital. Negativ...
... only allowed to clear their own transactions, Clearing
Members can clear their own transactions, their clients’ tr ansactions and those
of affiliated exchange participants that do not have a clearing ... houses (the OCC, the CME and ECAG) and has maintained
its status as Europe’s largest exchange-traded derivatives CCP.
45
Market participants can apply for admission as either a...
... cannot become clearing members of ECAG. Prior to the
introduction of Phase I of the GCL, they therefore had to employ a clearing intermediary that was a
member of ECAG to clear their t rades executed ... already established a global presence that enables them to clear internally
all of the most important marketplaces worldwide.
The global clearers already had...
... from the different stakeholders. Furthermore,
there are many kinds of clearing link initiative, and not all of them can serve
to increase the efficiency of European clearing. Therefore, the parameters ... partnering clearing houses fall short
420 Clearing Services for Global Markets
concentration patterns, it makes strategic sense for managers to focus on these
par...
... transaction costs of deriva-
tives clearing services are defined as the total costs a customer
(i.e. clearing member) has to bear for using a certain clearing
440 Clearing services for global markets
r
The ... this
impact.
r
If at any point in the future, European rules and regulations are harmonised,
and processes are standardised, a reviewed analysis of...