Clearing services for global markets : a framework for the future development of the clearing industry / Tina P. Hasenpusch.

Format:

Book

Author/Creator:

Hasenpusch, Tina P., 1978- author.

Language:

English

Subjects (All):

International clearing.

Physical Description:

1 online resource (xxxii, 536 pages) : digital, PDF file(s).

Place of Publication:

Cambridge : Cambridge University Press, 2009.

Language Note:

English

Summary:

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.

Contents:

Setting the stage : definitions and industry setting

Defining the core issues : efficiency and network strategies

Collecting empirical insights : introduction to the empirical study

Analysing costs of derivatives clearing : transaction cost studies

Exploring theoretical basics : scale effects in clearing

What theory reveals : framework for efficiency analysis of network strategies

Checking theory against reality : case studies of network strategies.

Notes:

Title from publisher's bibliographic system (viewed on 05 Oct 2015).

Includes bibliographical references and index.

ISBN:

1-107-20703-7

0-511-69967-0

1-107-40447-9

1-282-33674-6

9786612336744

0-511-63510-9

0-511-63295-9

0-511-63466-8

0-511-63174-X

0-511-63415-3

OCLC:

609845749