-term credit that is periodically cleared by participants. We study efficient clearing arrangements for formal exchanges, where … clearing is costly, we show that it can be efficient to subsidize the clearing process for OTC transactions by charging a … higher price for the clearing of transactions in exchanges. This necessitates a clearinghouse that operates across both …

-term credit that is periodically cleared by participants. We study efficient clearing arrangements for formal exchanges, where … clearing is costly, we show that it can be efficient to subsidize the clearing process for OTC transactions by charging a … higher price for the clearing of transactions in exchanges. This necessitates a clearinghouse that operates across both …

default must lead to a tightening of liquidity provision. -- Clearing ; OTC vs Exchanges ; Private Information ; Liquidity …-term credit that is periodically cleared by participants. We study efficient clearing arrangements for formal exchanges, where … clearing is costly, we show that it can be efficient to subsidize the clearing process for OTC transactions by charging a …

clearing configurations, but extends the analysis in two main ways. First, rather than using simulated data, it uses actual …

We investigate the effects of introducing a central clearing counterparty (CCP) on securities prices by adopting as an …

exposed to one another through the possibility of a CCP default. The change in system exposure resulting from these two …

We investigate the effects of introducing a central clearing counterparty (CCP) on securities prices by adopting as an …