The paper describes the activities of central counterparties (CCPs) and the international framework for those activities. It also provides an overview of the activities of the CCPs in the EU. Against this background, an initial assessment is performed of the possibilities of introducing a CCP in...

As a main principle, income is taxed when earned. This principle is broken in case of unrealized capital gains (recovered depreciations, unrecorded intangible assets etc.). Such incomes are taxed when realized or the ‘latent tax’ is passed on to the new owner (tax succession). In Denmark,...