central clearing, as intended. We introduce a model of OTC clearing to compare the total capital and collateral costs when … bilateral and central clearing; (ii) the margin period of risk used to set initial margin and capital requirements; and (iii … clearing and, when it does, the incentive may be driven by questionable differences in CCPs' default waterfall resources. We …

central clearing, as intended. We introduce a model of OTC clearing to compare the total capital and collateral costs when … bilateral and central clearing; (ii) the margin period of risk used to set initial margin and capital requirements; and (iii … clearing and, when it does, the incentive may be driven by questionable differences in CCPs' default waterfall resources. We …

. 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 …

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 …

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 …