reluctance to clear derivative trades in the absence of a central clearing obligation. We develop a comprehensive understanding … moving from a bilateral to a clearing architecture for derivative markets. Previous studies suggest that central clearing is … derivative claims, and 3) loss sharing among clearing members. Our results have substantial implications for the design of …

clearing (BC) and central counterparty (CCP) clearing of OTC derivatives. I show how CCP mutualizes individual counterparty …

and relative bargaining power. The model suggests central clearing counterparties will have more impact on prices in …

derivative data in growth estimates. Beyond the most recent Wacthel and Rousseau (2010) evidence which documents the interruption … derivative positively or insignificantly with a much smaller effect in magnitude. At the same time the impact of the crisis is …