We study the impact of central clearing of over-the-counter (OTC) transactions on counterparty exposures in a market … clearing is efficient only if one has an unrealistically high number of participants, the opposite conclusion is reached if … plausible specifications of model parameters lead to the conclusion that central clearing does reduce interdealer exposures: the …

We study the impact of central clearing of over-the-counter (OTC) transactions on counterparty exposures in a market … central clearing is efficient only if one has an unrealistically high number of participants, the opposite conclusion is …

multiple dealer defaults for CCPs and their non-defaulting clearing members are likely to be small relative to their equity as … of derivatives. Finally, clearing different types of OTC derivatives in a single CCP could reduce both margins and …

. 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 …