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Clearing Services for Global Markets : A Framework for the Future Development of the Clearing Industry


ISBN13: 9780521518710
Published: September 2009
Publisher: Cambridge University Press
Country of Publication: UK
Format: Hardback
Price: £99.99



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Clearing forms the core part of a smooth and efficiently functioning financial market infrastructure. Traditionally, it has been provided by clearing houses, most of which today act as a 'central counterparty' (CCP) between the two sides of a trade. The rapid growth of cross-border trading has sparked discussion on the most efficient industry structure - particularly in Europe and the US. At the heart of this discussion lies the question of whether the implementation of a single clearing house creates greater benefits than a more competitive but interlinked market structure. This is the starting point for this book, which analyses the efficiency of clearing and clearing industry structure. Along with clear-cut definitions and a concise characterisation and descriptive analysis of the clearing industry, the book determines the efficiency impact of various cross-border integration and harmonisation initiatives between CCPs. This serves to identify the most preferable future structure for the clearing industry.

Subjects:
Banking and Finance
Contents:
List of figures
List of abbreviations
Acknowledgements
Foreword
1. Introduction
2. Setting the stage - definitions and industry setting
3. Defining the core issues - efficiency and network strategies
4. Collecting empirical insights - introduction to the empirical study
5. Analysing costs of derivatives clearing - transaction cost studies
6. Exploring theoretical basics - scale effects in clearing
7. What theory reveals - framework for efficiency analysis of network strategies
8. Checking theory against reality - case studies of network strategies
9. Quantifying the efficiency impact - European network strategies
10. Introducing the future network economy - development of the clearing industry
11. Summary, discussion and recommendations for future research
Appendices
Bibliography
Index.