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Clearing Services for Global Markets
A Framework for the Future Development of the Clearing Industry

£103.00

  • Date Published: September 2009
  • availability: Available
  • format: Hardback
  • isbn: 9780521518710

£ 103.00
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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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    Product details

    • Date Published: September 2009
    • format: Hardback
    • isbn: 9780521518710
    • length: 570 pages
    • dimensions: 244 x 170 x 32 mm
    • weight: 1.1kg
    • availability: Available
  • Table of Contents

    List of figures
    List of abbreviations
    Acknowledgements
    Foreword
    1. Introduction
    2. Setting the stage - definitions and industry setting
    3. Defining the core issues - efficiency and network strategies
    4. Collecting empirical insights - introduction to the empirical study
    5. Analysing costs of derivatives clearing - transaction cost studies
    6. Exploring theoretical basics - scale effects in clearing
    7. What theory reveals - framework for efficiency analysis of network strategies
    8. Checking theory against reality - case studies of network strategies
    9. Quantifying the efficiency impact - European network strategies
    10. Introducing the future network economy - development of the clearing industry
    11. Summary, discussion and recommendations for future research
    Appendices
    Bibliography
    Index.

  • Author

    Tina P. Hasenpusch

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