relatively large number of asset classes, central clearing increases the mean and variance of net exposures, which may lead to …

securities owners, securities borrowers, attributes of securities loans, collateral management, and cash reinvestment practices …

trades at the firm level: principal amount, interest rate, collateral type, haircut, tenor, and counterparty. -- systemic …

potential runs. We derive distinct liquidity, collateral, and asset liquidation constraints, which determine whether a run can … depends on whether it has sufficient liquidity, collateral, and asset liquidation capacity. These determinants are endogenous … productivity and size. Moreover, systemic runs are possible if shocks to the valuation of collateral held by outside investors are …