Clearing Services for Global Markets

A Framework for the Future Development of the Clearing Industry

Business & Finance, Finance & Investing, Finance, Nonfiction, Reference & Language, Law
Cover of the book Clearing Services for Global Markets by Tina P. Hasenpusch, Cambridge University Press
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Author: Tina P. Hasenpusch ISBN: 9780511699672
Publisher: Cambridge University Press Publication: September 24, 2009
Imprint: Cambridge University Press Language: English
Author: Tina P. Hasenpusch
ISBN: 9780511699672
Publisher: Cambridge University Press
Publication: September 24, 2009
Imprint: Cambridge University Press
Language: English

Clearing forms the core part of a smooth and efficiently functioning financial market infrastructure. Traditionally, it has been provided by clearing houses, most of which today act as a 'central counterparty' (CCP) between the two sides of a trade. The rapid growth of cross-border trading has sparked discussion on the most efficient industry structure - particularly in Europe and the US. At the heart of this discussion lies the question of whether the implementation of a single clearing house creates greater benefits than a more competitive but interlinked market structure. This is the starting point for this book, which analyses the efficiency of clearing and clearing industry structure. Along with clear-cut definitions and a concise characterisation and descriptive analysis of the clearing industry, the book determines the efficiency impact of various cross-border integration and harmonisation initiatives between CCPs. This serves to identify the most preferable future structure for the clearing industry.

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Clearing forms the core part of a smooth and efficiently functioning financial market infrastructure. Traditionally, it has been provided by clearing houses, most of which today act as a 'central counterparty' (CCP) between the two sides of a trade. The rapid growth of cross-border trading has sparked discussion on the most efficient industry structure - particularly in Europe and the US. At the heart of this discussion lies the question of whether the implementation of a single clearing house creates greater benefits than a more competitive but interlinked market structure. This is the starting point for this book, which analyses the efficiency of clearing and clearing industry structure. Along with clear-cut definitions and a concise characterisation and descriptive analysis of the clearing industry, the book determines the efficiency impact of various cross-border integration and harmonisation initiatives between CCPs. This serves to identify the most preferable future structure for the clearing industry.

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