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CDS Trading Strategies and Credit Risk Reallocation
In: Banque de France Working Paper No. 860
SSRN
On the market structure of central counterparties in the EU
New regulations promote the role of Central Counter-Parties as insurers of counterparty risk to stabilize derivative markets. Most CCPs are for-profit institutions, competing for profits and market shares. Whether competition is harmful or beneficial to efficiency and financial stability is debatable, leading to different positions in the US and the EU. Assessing the impact of competition between CCPs is complex because of the many dimensions involved in their policies and the heterogeneity of their potential users, ranging from main intermediaries (the dealers) to final clients. We first review the business model of CCPs and illustrate the dimensions on which CCPs compete by gathering EU data on CCPs, their scopes, their clients and members. We then focus on the clearing of CDS by providing an empirical analysis of on the choices of CCPs by the main dealers.
BASE
SSRN
On the market structure of central counterparties in the EU
New regulations promote the role of Central Counter-Parties as insurers of counterparty risk to stabilize derivative markets. Most CCPs are for-profit institutions, competing for profits and market shares. Whether competition is harmful or beneficial to efficiency and financial stability is debatable, leading to different positions in the US and the EU. Assessing the impact of competition between CCPs is complex because of the many dimensions involved in their policies and the heterogeneity of their potential users, ranging from main intermediaries (the dealers) to final clients. We first review the business model of CCPs and illustrate the dimensions on which CCPs compete by gathering EU data on CCPs, their scopes, their clients and members. We then focus on the clearing of CDS by providing an empirical analysis of on the choices of CCPs by the main dealers.
BASE
On the market structure of central counterparties in the EU
New regulations promote the role of Central Counter-Parties as insurers of counterparty risk to stabilize derivative markets. Most CCPs are for-profit institutions, competing for profits and market shares. Whether competition is harmful or beneficial to efficiency and financial stability is debatable, leading to different positions in the US and the EU. Assessing the impact of competition between CCPs is complex because of the many dimensions involved in their policies and the heterogeneity of their potential users, ranging from main intermediaries (the dealers) to final clients. We first review the business model of CCPs and illustrate the dimensions on which CCPs compete by gathering EU data on CCPs, their scopes, their clients and members. We then focus on the clearing of CDS by providing an empirical analysis of on the choices of CCPs by the main dealers.
BASE
On the market structure of central counterparties in the EU
New regulations promote the role of Central Counter-Parties as insurers of counterparty risk to stabilize derivative markets. Most CCPs are for-profit institutions, competing for profits and market shares. Whether competition is harmful or beneficial to efficiency and financial stability is debatable, leading to different positions in the US and the EU. Assessing the impact of competition between CCPs is complex because of the many dimensions involved in their policies and the heterogeneity of their potential users, ranging from main intermediaries (the dealers) to final clients. We first review the business model of CCPs and illustrate the dimensions on which CCPs compete by gathering EU data on CCPs, their scopes, their clients and members. We then focus on the clearing of CDS by providing an empirical analysis of on the choices of CCPs by the main dealers.
BASE
Credit Default Swaps and Credit Risk Reallocation
SSRN
On the market structure of central counterparties in the EU
New regulations promote the role of Central Counter-Parties as insurers of counterparty risk to stabilize derivative markets. Most CCPs are for-profit institutions, competing for profits and market shares. Whether competition is harmful or beneficial to efficiency and financial stability is debatable, leading to different positions in the US and the EU. Assessing the impact of competition between CCPs is complex because of the many dimensions involved in their policies and the heterogeneity of their potential users, ranging from main intermediaries (the dealers) to final clients. We first review the business model of CCPs and illustrate the dimensions on which CCPs compete by gathering EU data on CCPs, their scopes, their clients and members. We then focus on the clearing of CDS by providing an empirical analysis of on the choices of CCPs by the main dealers.
BASE
Secured and Unsecured Interbank Markets: Monetary Policy, Substitution and the Cost of Collateral
In: Banque de France Working Paper September 2019, WP #730
SSRN
Working paper
Pandemic Crises in Financial Systems: A Simulation-Model to Complement Stress-Testing Frameworks
In: Banque de France Working Paper No. 621
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Working paper
SSRN
SSRN
Shock Amplification in an Interconnected Financial System of Banks and Investment Funds
In: ECB Working Paper No. 2021/2581
SSRN