that while the global network structure remains stable, individual exposures are more dynamic. The main message from the …

of scale. From a European perspective, it should be noted that the clearing of euro-denominated OTC derivatives mainly …. Against this background, the draft amendment of EMIR (European Market Infrastructure Regulation) presented on 13 June 2017 is …

of scale. From a European perspective, it should be noted that the clearing of euro-denominated OTC derivatives mainly …. Against this background, the draft amendment of EMIR (European Market Infrastructure Regulation) presented on 13 June 2017 is …

strategically and diversify their portfolios within the network in response to the regulation. Multiple equilibrium network … equilibrium strategy for banks is to form the most-risky network structure if the regulation is tighter than a threshold and form … the least-risky network structure if the regulation is looser than the threshold. To prevent the most-risky network to be …

a monetary system. Some of the other necessary components include financial regulation, deposit insurance, a monetary … fragmentation, where different types of private money do not trade at par, and to market failures arising from the network effects …

expected netted exposures. This may explain why, in the absence of regulation, traders in a derivatives network may not develop …Novating a single asset class to a central counterparty (CCP) in an over-the-counter derivatives trading network … relatively large number of asset classes, central clearing increases the mean and variance of net exposures, which may lead to …