Des effets théoriques de l'introduction d'une contrepartie centrale pour l'organisation des marchés otc

Valère Fourel and Julien Idier

Revue d'économie financière, 2011, vol. N° 101, issue 1, 53-72

Abstract: 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)
Date: 2011
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Journal Article: Des effets théoriques de l’introduction d’une contrepartie centrale pour l’organisation des marchés OTC (2011)
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