multilateral trading system developed under the WTO. Securities' clearing and settlement services have nowadays become more …

. Since the Great Financial Crisis, increases in central clearing rates have helped shape growth in amounts outstanding …. Derivatives subject to regulatory clearing mandates were approaching full clearing, while clearing rates were low for certain …

looking at counterparty relations within both direct (house) clearing and client clearing. Since the majority of the gross … notional is transferred within central counterparties and their clearing members, client clearing is often neglected in the … literature, despite its significance in terms of net exposures. We find that the client clearing structure is very strongly …