Kubitza, Christian; Pelizzon, Loriana; Getmansky, Mila - 2021 - This version: February 16, 2021
markets. We show that not all market participants benefit, and some are worse off. Loss sharing rules and their interaction … with market network structure affect who are winners and losers. The loss sharing rule most widely used by CCPs is based on …-sectional differences in loss sharing benefits, and highlight alternative loss sharing rules and centralized trading as potential remedies. …