Following the 2008 financial crisis, regulation mandates the clearing of the CDS market through Central Clearing …

Recent regulation mandating the clearing of credit default swaps (CDS) by a Central Clearing Counterparties (CCP), has …

This paper examines the impact of central clearing on the credit default swaps (CDS) market using a sample of … voluntarily cleared single-name contracts. Consistent with central clearing reducing counterparty risk, CDS spreads increase … around the commencement of central clearing and are lower than settlement spreads published by the central clearinghouse …

clearing practices to affect the size of positions, recovery rate and premium. This model not only has the benefit of being … realist to the light of causes and propagation of great recession but also to assessing clearing practices in a partial … premium is high when mutualization takes place as clearing policy; the new allocation is characterized by a high recovery rate …

collateral costs related to central clearing … risk, my results indicate that CDS spreads widen with the initiation of central clearing. I document that even though … dealer risk is priced in CDS spreads and an increase in dealer risk narrows spreads, the initiation of central clearing does …

letzten Jahren den Handel mit Kreditrisiko signifikant vereinfacht. Ein standardisiertes Kontrakt-Design, niedrige … Kreditderivat. Wir analysieren das Risiko von CDS, die im Handelsbuch gehalten werden. Wir vergleichen den Value at Risk (VaR) der … mit hohem Kreditrisiko deutlich geringer. Die Distanz sinkt auch bei längeren Haltedauern. Wir beobachten weiter eine …

in part to the cheapening of deliverable Treasury collateral to CDS contracts. …