In 2022, US financial regulators proposed to mandate a single central clearing mechanism for treasury bonds and repo … consequences of introducing CCP clearing in local repo markets. In general, CCPs offer two benefits: they can reduce required …

We explore the impact of central clearing on the demand for collateral arising from variation margin calls in the … cleared. Hence, at least in this respect, increasing the scope of central clearing is not always beneficial. Previous work … central clearing kick-in only when a sufficiently large portion of the market has moved to central clearing …