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Central counterparties
Koeppl, Thorsten V.; Monnet, Cyril - 2008
Central counterparties (CCPs) have increasingly become a cornerstone of financial markets infrastructure. We present a model where trades are time-critical, liquidity is limited and there is limited enforcement of trades. We show a CCP novating trades implements efficient trading behaviour. It...
Persistent link: https://www.econbiz.de/10010303758
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Settling for Efficiency: A Framework for the European Securities Transactions Industry
Serifsoy, Baris; Weiss, Marco - 2005
Despite a lot of re-structuring and many innovations in recent years, the securities transaction industry in the European Union is still a highly inefficient and inconsistently configured system for cross-border transactions. This paper analyzes the functions performed, the institutions involved...
Persistent link: https://www.econbiz.de/10010316089
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Liquidity risk in securities settlement
Devriese, Johan; Mitchell, Janet - 2005
This paper studies the potential impact on securities settlement systems (SSSs) of a major market disruption, caused by the default of the largest player. A multiperiod, multisecurity model with intraday credit is used to simulate direct and second-round settlement failures triggered by the...
Persistent link: https://www.econbiz.de/10011506594
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Central counterparty clearing: constructing a framework for evaluation of risks and benefits
Ripatti, Kirsi - 2004
Clearing has become increasingly popular in Europe, not just in derivatives markets, where, due to the high risk involved, it … increased sophistication in clearing arrangements is the ongoing process of European economic integration, ie the euro … pan-European financial infrastructure for payments and securities clearing and settlement.Central counterparty clearing …
Persistent link: https://www.econbiz.de/10012147928
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The distributional component of the price of the tax avoidance service
Damjanovic, Tatiana - 2002
The traditional avoidance literature undeservedly neglects tax base distribution as a factor affecting the avoidance price, and generally assumed to be equal to the avoidance cost. In reality, avoidance providers are usually either high-skilled specialists or insiders. The strong collusion thus,...
Persistent link: https://www.econbiz.de/10010281270
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Neue regulatorische Konzepte der Bankenaufsicht und ihre Auswirkungen auf die Gesamtbanksteuerung
Noack, Tim; Cremers, Heinz; Mala, Julia - 2014
The Basel III framework represents the response to the regulation deficits of the financial cri-sis and the immense losses of many banks in years 2007/2008. The aim of the framework is to increase the level of capital in financial institutions and to improve the loss absorption and risk coverage...
Persistent link: https://www.econbiz.de/10010368510
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The End of the Waterfall: Default Resources of Central Counterparties
Cont, Rama - 2015
Central counterparties (CCPs) have become pillars of the new global financial architecture following the financial crisis of 2008. The key role of CCPs in mitigating counterparty risk and contagion has in turn cast them as systemically important financial institutions whose eventual failure may...
Persistent link: https://www.econbiz.de/10012143872
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The emergence and future of central counterparties
Koeppl, Thorsten V.; Monnet, Cyril - 2010
counterparty risk by clearing those contracts through a CCP that uses novation and mutualization. As netting is not essential for …
Persistent link: https://www.econbiz.de/10010290393
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Centralized trading of corporate bonds
Huber, Samuel; Kim, Jaehong - 2015
In the post-crisis period, increased regulation of financial intermediaries led to a significant decline in corporate bond market liquidity. In order to stabilize these markets, policy makers recently proposed that the trading of corporate bonds should be more centralized. In this paper, we show...
Persistent link: https://www.econbiz.de/10011420570
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Central bank purchases of government bonds
Huber, Samuel; Kim, Jaehong - 2015
We develop a dynamic general equilibrium model to analyze the effects of central bank purchases of government bonds by investigating the following three questions: Under what conditions are these purchases socially desirable, what incentive problems do they mitigate, and how large are these...
Persistent link: https://www.econbiz.de/10011420573