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Lessons from International Central Counterparties: Benchmarking and Analysis

Author

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  • Alexandre Lazarow

Abstract

Since the financial crisis, attention has focused on central counterparties (CCPs) as a solution to systemic risk for a variety of financial markets, ranging from repurchase agreements and options to swaps. However, internationally accepted standards and the academic literature have left unanswered many practical questions related to the design of CCPs. The author analyzes the inherent trade-offs and resulting international benchmarks for a certain set of issues. Four CCPs - FINet, CME Clearing, Eurex Clearing and LCH.Clearnet - are considered in terms of risk management, CCP links, governance and operational risk.

Suggested Citation

  • Alexandre Lazarow, 2011. "Lessons from International Central Counterparties: Benchmarking and Analysis," Discussion Papers 11-4, Bank of Canada.
    • Handle: RePEc:bca:bocadp:11-4
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    File URL: https://www.bankofcanada.ca/wp-content/uploads/2011/06/dp2011-04.pdf
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    Citations

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    Cited by:

    1. Popoyan, Lilit & Napoletano, Mauro & Roventini, Andrea, 2020. "Winter is possibly not coming: Mitigating financial instability in an agent-based model with interbank market," Journal of Economic Dynamics and Control, Elsevier, vol. 117(C).
    2. repec:hal:spmain:info:hdl:2441/1j4v8sl4fc9a49ankmnhv6bb6a is not listed on IDEAS
    3. repec:spo:wpmain:info:hdl:2441/1j4v8sl4fc9a49ankmnhv6bb6a is not listed on IDEAS
    4. Nahiomy Alvarez, 2019. "Can Broader Access to Direct CCP Clearing Reduce the Concentration of Cleared Derivatives?," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 43(3), pages 1-27.
    5. Siyi Zhu, 2011. "Is there a 'race to the bottom' in central counterparties competition?," DNB Occasional Studies 906, Netherlands Central Bank, Research Department.
    6. Nahiomy Alvarez & John McPartland, 2019. "The Concentration of Cleared Derivatives: Can Access to Direct CCP Clearing for End-Users Address the Challenge?," Working Paper Series WP-2019-6, Federal Reserve Bank of Chicago.

    More about this item

    Keywords

    Financial system regulation and policies; Financial stability; Payment clearing and settlement systems; Financial markets;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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