My interest in this research topic was inspired by the apparently global consensus on the mandate for central clearing … in the credit default swaps market. At the first glance, the central clearing mechanism with its central counterparties … participants. Therefore, it is highly questionable whether central clearing can ultimately maintain and protect the market …

auctions conducted to date and evaluate their efficacy by comparing the auction outcomes to prices of the underlying bonds in … market before and after each auction has occurred. We qualify our conclusions by noting that relatively few auctions have … taken place thus far. -- Credit default swaps ; settlement ; auctions ; recovery basis ; corporate bonds ; default …