This paper investigates systemic risk of bank holding companies (BHCs) following the enactment of mandatory clearing of derivatives by the Dodd–Frank Act. We find that BHCs that were bigger users of derivatives experienced a larger drop in systemic risk after mandatory clearing, all else being...

This article empirically analyzes the competitive landscape within the clearing and settlement industry. Using panel data for forty-six clearing and settlement institutions from twenty-three countries, we confirm that competition between clearing and settlement institutions is limited. We show...

This article empirically analyzes the competitive landscape within the clearing and settlement industry. Using the panel data of 46 clearing and settlement institutions from 23 countries we confirm that competition between clearing and settlement institutions is limited. We show that competition...