Fundamental questions on central counterparties: A review of the literature
Ron Berndsen
Journal of Futures Markets, 2021, vol. 41, issue 12, 2009-2022
Abstract:
Central counterparties (CCPs) function as financial infrastructures for capital markets in derivatives. They are designed to reduce aggregate counterparty credit risk. Although CCPs have existed for well over a century, they have only gained prominence after the Great Financial Crisis compelled the G20 to implement the mandatory clearing policy to make over‐the‐counter derivative transactions safer. This has led to a boom in CCP literature, 60% of which has been published in the last 5 years. This article provides a review of the literature on derivative CCPs focusing on some fundamental topics regarding the raison d'être, resilience, and governance of the CCP.
Date: 2021
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https://doi.org/10.1002/fut.22260
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