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Buyers of a credit default swap (CDS) are not only exposed to the credit risk of the underlying reference entity, but also to the default risk of the seller of the swap. The objective of this paper is to analyze the impact of the recent implementation of central counterparty clearing (CCP) on...
Persistent link: https://www.econbiz.de/10012867193
Central counterparty clearing houses (CCPs) provide risk management for OTC transactions. Using a global sample of sovereign credit default swaps (CDS) issued between 2010 and 2017, this paper analyzes the impact of the global structural shift from over-the-counter to voluntary CCP clearing of...
Persistent link: https://www.econbiz.de/10014257451