clearing services for global markets
Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_1 pptx
... left blank Clearing Services for Global Markets Clearing forms the core part of a smooth and efficiently functioning financial market infrastructure Traditionally, it has been provided by clearing ... and derivatives trading, clearing and settlement systems Advance praise for Clearing Services for Global Markets ‘The book features three real-world case studies bringing clearing to life It is ... Transaction Cost Impact Matrix (TCIM) TCIM for regionally active clearing members TCIM for regionally-to-globally active clearing members TCIM for globally active clearing members Efficiency Impact Matrix...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_2 pptx
... on different providers of clearing services and the scope of their services offered, refer to section 2.1.3 20 Clearing Services for Global Markets BASIC CLEARING SERVICES Trade Confirmation ... Management UNIQUE CCP SERVICES VALUE-ADDED CLEARING SERVICES COMPLEMENTARY CLEARING SERVICES Figure 2.3 Functional view on clearing Source: Author’s own 2.1.2.1 Basic clearing services Clearing refers ... 32 Clearing Services for Global Markets 2.1.2.2.3 Cash management Cash management provides important services for the smooth functioning of the clearing house, which is highly relevant for risk...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_4 potx
... Integrated Clearing System Clearing House Link Clearing House Link NCMs Clearing Member Clearing House CM Clearing Account Clearing Members Clearing Members Clearing Members Clearing Members Clearing ... (1998), p 161 116 Clearing Services for Global Markets Year Partnering Clearing Houses Status Mergers & Acquisitions NYSE Clearing, American Stock Exchange Clearing, NASD Clearing to form NSCC I 1976 ... exchange for products originally traded on this exchange, and cleared through Clearing House The home clearing house for Clearing Members is thus Clearing House The home clearing house for Clearing...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_5 potx
... were as follows: For the reasons for conducting personal interviews and for details on the process of data collection, refer to section 4.2 122 Clearing Services for Global Markets r high volume ... 336–7, for details o 132 Clearing Services for Global Markets EMPIRICAL STUDY Approach Pursued Collect … … Qualitative Information from Expert Interviews Insight Pursued … Quantitative Information ... volume clearing members Refer to Chapter for details on the response rates of the different interviewee groups 148 Clearing Services for Global Markets LOW / MEDIUM VOLUME HIGH VOLUME CLEARING...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_6 doc
... charging 17 cents for the €500,000 hedge At 30 cents, the 73 Refer to Appendix for details on which products were chosen for the benchmark analysis 162 Clearing Services for Global Markets Fees in ... lower 164 Clearing Services for Global Markets are competitive, the CME’s fees for clearing index futures and interest rate derivatives appear over-priced.80 The fees charged by the OCC for individual ... these costs into context 176 Clearing Services for Global Markets As outlined in section 3.2, costs of production imply divergent meanings for different clearing members For a clearer with a prop...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_7 pdf
... Dvorak keypad, which is considered to allow for a 220 Clearing Services for Global Markets The lock-in concept can be applied to the adoption of clearing services on the first and second network levels ... marketplaces for which the CCP offers clearing services is then indirectly determined by the number of clearing members connected to it; as the clearing members constitute potential demand for the clearing ... other regulations that explicitly address these risks 212 Clearing Services for Global Markets the clearing of additional products and markets, a clearer has an incentive to connect to an increasing...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_9 docx
... anonymous referee 28 Cf interviews 296 Clearing Services for Global Markets 8.1.1.3 Suitability of clearing links to integrate European clearing Whether clearing links are a viable way to consolidate ... (2001b), p 84 284 Clearing Services for Global Markets monopoly,57 whereas others oppose this view.58 Most of these contributions, however, tend to refer to the clearing services provided by ... 8.3) The reason for this is that consolidating the European clearing industry through M&A initiatives results in the creation of a Single CCP 286 Clearing Services for Global Markets CHAPTER...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_10 pdf
... clear opinion or did not specify their opinion 316 Clearing Services for Global Markets NETWORK STRATEGY The Global Clearing Link - ECAG The Global Clearing Link - CCorp - Figure 8.9 COST IMPACT ... coming into play Cf Falvey/Kleit (2006), p 18 Cf interviews 326 Clearing Services for Global Markets GLOBAL CLEARING LINK GLOBAL CLEARING LINK - ECAG - NETWORK EFFECTS - CCorp - INFLUENCING FACTORS ... showed that the cost impact of the EU Link for globally active clearing members is zero to very low Clearing members with a 342 Clearing Services for Global Markets prop focus could benefit from a...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_12 pdf
... framework for determining which European clearing houses actually ought to be linked is presented in section 10.1.5 410 Clearing Services for Global Markets r Make up for the lost intermediation services ... efficiency for all European clearing members The same is not true for CCPs operating under the ownership or control of a subset of their clearing members 416 Clearing Services for Global Markets ... Eurex Clearing, LCH.Clearnet, OMX Clearing, MEFF and CC&G 396 Clearing Services for Global Markets Costs in EUR 2,000,000,000 1,503,000,000 1,500,000,000 39% 980,000,000 1,000,000,000 27% Clearing...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_13 ppt
... 424 Clearing Services for Global Markets The identified prerequisites for the successful implementation of clearing links also apply to any clearing house outside of Europe ... If the partnering clearing houses not adequately attempt to 436 Clearing services for global markets overcome the link-inherent starting problem or if clearing members are forced to participate ... 432 Clearing services for global markets strategy pursued and the characteristics and cost structure of the partnering clearing houses 11.1.6 Chapter – What theory reveals – framework for efficiency...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_14 pdf
... NO The Global Clearing Link, Phase I The Global Clearing Link, Phase II A clearing link between Eurex Clearing and CME The merger of LCH and Clearnet A merger of LCH.Clearnet and Eurex Clearing ... YEARS Global Clearing Link Phase (EUR Link) Global Clearing Link Phase (USD Link) Merger of LCH and Clearnet (fictitious) Merger of LCH.Clearnet and Eurex Clearing (fictitious) Clearing Link Eurex Clearing ... indirect clearing costs in 2005? Do you see any correlation between clearing- related transaction costs and different structures for clearing service provision (i.e for- profit vs not -for- profit clearing...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_2 pdf
... 50 Clearing Services for Global Markets 2.3 The Value Provision Network Clearing services are usually offered in a tiered structure.201 This section explains the structural set-up of the clearing ... 52 Clearing Services for Global Markets licence NCMs may either not be eligible for or may not desire direct membership in the CCP.206 NCMs must therefore become customers of a GCM to effect clearing. 207 ... intermediary 46 Clearing Services for Global Markets of a financial market.170 The effectiveness of a CCP’s risk management and sufficient levels of financial resources are therefore crucial for the stability...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_3 pot
... Integrated Clearing System Clearing House Link Clearing House Link NCMs Clearing Member Clearing House CM Clearing Account Clearing Members Clearing Members Clearing Members Clearing Members Clearing ... (1998), p 161 116 Clearing Services for Global Markets Year Partnering Clearing Houses Status Mergers & Acquisitions NYSE Clearing, American Stock Exchange Clearing, NASD Clearing to form NSCC I 1976 ... exchange for products originally traded on this exchange, and cleared through Clearing House The home clearing house for Clearing Members is thus Clearing House The home clearing house for Clearing...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_4 pot
... were as follows: For the reasons for conducting personal interviews and for details on the process of data collection, refer to section 4.2 122 Clearing Services for Global Markets r high volume ... 336–7, for details o 132 Clearing Services for Global Markets EMPIRICAL STUDY Approach Pursued Collect … … Qualitative Information from Expert Interviews Insight Pursued … Quantitative Information ... volume clearing members Refer to Chapter for details on the response rates of the different interviewee groups 148 Clearing Services for Global Markets LOW / MEDIUM VOLUME HIGH VOLUME CLEARING...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_6 pptx
... Dvorak keypad, which is considered to allow for a 220 Clearing Services for Global Markets The lock-in concept can be applied to the adoption of clearing services on the first and second network levels ... marketplaces for which the CCP offers clearing services is then indirectly determined by the number of clearing members connected to it; as the clearing members constitute potential demand for the clearing ... other regulations that explicitly address these risks 212 Clearing Services for Global Markets the clearing of additional products and markets, a clearer has an incentive to connect to an increasing...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_7 pptx
... products or markets, with, for example, one clearing house offering clearing services for derivatives and the partnering CCP offering clearing services for equities A regionally active clearing ... less leeway is available for introducing additional complementary clearing services, because doing so would call for additional resources 256 Clearing Services for Global Markets network effects ... definition, a Single CCP integrates more markets and clearing members than M&A activity 246 Clearing Services for Global Markets necessary for fully integrating the clearing houses’ value chains.6 Additional...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_8 potx
... anonymous referee 28 Cf interviews 296 Clearing Services for Global Markets 8.1.1.3 Suitability of clearing links to integrate European clearing Whether clearing links are a viable way to consolidate ... (2001b), p 84 284 Clearing Services for Global Markets monopoly,57 whereas others oppose this view.58 Most of these contributions, however, tend to refer to the clearing services provided by ... 8.3) The reason for this is that consolidating the European clearing industry through M&A initiatives results in the creation of a Single CCP 286 Clearing Services for Global Markets CHAPTER...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_9 pptx
... clear opinion or did not specify their opinion 316 Clearing Services for Global Markets NETWORK STRATEGY The Global Clearing Link - ECAG The Global Clearing Link - CCorp - Figure 8.9 COST IMPACT ... coming into play Cf Falvey/Kleit (2006), p 18 Cf interviews 326 Clearing Services for Global Markets GLOBAL CLEARING LINK GLOBAL CLEARING LINK - ECAG - NETWORK EFFECTS - CCorp - INFLUENCING FACTORS ... showed that the cost impact of the EU Link for globally active clearing members is zero to very low Clearing members with a 342 Clearing Services for Global Markets prop focus could benefit from a...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_10 pptx
... 348 Clearing Services for Global Markets Euronext 100% Clearing Members 75% LME, IPE LIFFE 17.7% 7.3% London Clearing House Ltd Not -For- Profit Organisation Figure 8.21 ... business model Regionally-to-globally active clearing members (CMPR-G /CMAR-G ) and globally active clearers (CMPG /CMAG ) can benefit 374 Clearing Services for Global Markets from M&A initiatives ... Single CCP for Europe not only in terms of the time and resources required 276 Statement made by interviewed non -clearing member representative 380 Clearing Services for Global Markets for successful...
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Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_14 doc
... 56–7 clearing organisations see clearing houses clearing process definition 1–2, 17–40 time lag 18 clearing services types of providers 33–9 types of services provided 33–9 see also post-trade services ... European clearing 279–84 Transaction Cost Impact Matrix 240, 258–67, 276–7 functional view of clearing 19–33 basic clearing services 20–2 complementary clearing services 32–3 scope and type of services ... challenges for Eurex Clearing AG 414–15 531 Index challenges for LCH.Clearnet Ltd 415 competitive dynamics 414–15 framework for a clearing link strategy, 418–20 global context of European clearing...
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