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Central Counterparties

In: Introduction to Payments and Financial Market Infrastructures

Author

Listed:
  • Ulrich Bindseil

    (European Central Bank)

  • George Pantelopoulos

    (University of Newcastle)

Abstract

This chapter provides a schematic of central counterparties (CCPs). The key activities of CCPs are outlined, and the significance of the novation of contracts – a key aspect of CCPs – is explained. The chapter then describes the risk management practices of CCPs. Finally, the clearing of domestic derivative contracts is shown through a system of financial accounts, in addition to assessing the performance of CCPs during times of market stress.

Suggested Citation

  • Ulrich Bindseil & George Pantelopoulos, 2023. "Central Counterparties," Springer Texts in Business and Economics, in: Introduction to Payments and Financial Market Infrastructures, chapter 6, pages 83-95, Springer.
    • Handle: RePEc:spr:sptchp:978-3-031-39520-8_6
    DOI: 10.1007/978-3-031-39520-8_6
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