Des effets théoriques de l'introduction d'une contrepartie centrale pour l'organisation des marchés otc
Valère Fourel and
Revue d'économie financière, 2011, vol. N° 101, issue 1, 53-72
This article identifies and analyzes the various benefits and drawbacks that the adoption of a central counterparty [CCP] for OTC markets can induce, notably in terms of counterparty, systemic, transparency and liquidity risks management. First, we look at how the transaction costs are affected by the introduction of this risk pooling entity. The implications of the presence of a CCP on the liquidity and market transparency are then analyzed. Finally, we discuss the various risks faced by the CCP (concentration risk, information asymmetry, moral hazard and adverse selection) and bring out some recommendations regarding the functioning and access to the CCP terms. Classification JEL: G15, G18, G23.
JEL-codes: G15 G18 G23 (search for similar items in EconPapers)
References: Add references at CitEc
Citations View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:cai:refaef:ecofi_101_0053
Access Statistics for this article
More articles in Revue d'économie financière from Association d'économie financière
Series data maintained by Jean-Baptiste de Vathaire ().