This note discusses the basic economics of central clearing for derivatives and the need for a proper regulation … involvement of a central counterparty mandatory for standardized OTC derivatives' trading and sets higher capital and collateral … requirements for non-centrally cleared derivatives. From a macrofinance perspective, CCPs provide a trade-off between reduced …

This note discusses the basic economics of central clearing for derivatives and the need for a proper regulation … involvement of a central counterparty mandatory for standardized OTC derivatives' trading and sets higher capital and collateral … requirements for non-centrally cleared derivatives. From a macrofinance perspective, CCPs provide a trade-off between reduced …

with both macroeconomic and idiosyncratic components. The examined properties include expected loss, loss given default … bonds with the same rating. In particular, loss given default, the sensitivities to macroeconomic risk, and model risk …

with both macroeconomic and idiosyncratic components. The examined properties include expected loss, loss given default … bonds with the same rating. In particular, loss given default, the sensitivities to macroeconomic risk, and model risk …

with both macroeconomic and idiosyncratic components. The examined properties include expected loss, loss given default … bonds with the same rating. In particular, loss given default, the sensitivities to macroeconomic risk, and model risk …

with both macroeconomic and idiosyncratic components. The examined properties include expected loss, loss given default … bonds with the same rating. In particular, loss given default, the sensitivities to macroeconomic risk, and model risk …