This paper measures central counterparty (CCP) clearing-network risk as the probability that the maximum cleared … exposure of a CCP to an individual clearing member is atypically large. Our analytical derivation of this probability uses the … and concentration) of the clearing network. We also derive and compute a CCP's Maximum-Exposure-at-Risk and relate it to …

Given a network of client-clearer relationships, we define central clearing as a function transforming bilateral …

markets across the globe, call for taking a "macro" view on the interconnections arising in the clearing network. Based on the …

Repo markets offering central counterparty (CCP) clearing and anonymized trading were remarkably resilient during the …

This article outlines the benefits and risks of the distributed ledger technology (DLT) for the clearing and settlement …