Lessons from International Central Counterparties: Benchmarking and Analysis

Alexandre Lazarow

Discussion Papers from Bank of Canada

Abstract: Since the financial crisis, attention has focused on central counterparties (CCPs) as a solution to systemic risk for a variety of financial markets, ranging from repurchase agreements and options to swaps. However, internationally accepted standards and the academic literature have left unanswered many practical questions related to the design of CCPs. The author analyzes the inherent trade-offs and resulting international benchmarks for a certain set of issues. Four CCPs - FINet, CME Clearing, Eurex Clearing and LCH.Clearnet - are considered in terms of risk management, CCP links, governance and operational risk.

Keywords: Financial system regulation and policies; Financial stability; Payment clearing and settlement systems; Financial markets (search for similar items in EconPapers)
JEL-codes: G01 G14 G18 G28 G38 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2011
New Economics Papers: this item is included in nep-rmg
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:bca:bocadp:11-4

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