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 …

of the reference entity; 2) the credit risk of the counterparty; 3) the clearing member's portfolio net exposure with the … Central Counterparty Clearing House (CCP) and 4) post trade transparency. We use confidential European trade repository data … for central clearing, while 9% of the contracts were not clearable because they did not satisfy certain CCP clearing …