... the CCP system.Whereas the product layer of the CCP network corresponds to the openinterest held by the CCP, the product layer of the GCM network merelymirrors the open positions held by the ... bisection of the contract size, for example, results in a doubling of the number of contracts traded,but at the same time also to a bisection of the contract value. Therefore, the value of the contractstraded ... the examinationis the data for the years 199 9 to 2005. Figure 6.8 shows the development of unit costs and the number of contracts cleared for selected clearing houses.113111 The sample selection...