How concentrated is the clearing ecosystem and how has it changed since 2007?

Ketan Patel

Journal of Financial Market Infrastructures

Abstract: The paper examines the concentration of the US clearing ecosystem following the 2007–9 global financial crisis, focusing on central counterparties. It highlights that the ecosystem is now more concentrated than in 2007, with a significant role played by a few global systemically important banks. The study uses the Herfindahl–Hirschman index to measure concentration and discusses the implications of increased collateral requirements and market exits. The findings suggest potential financial stability concerns but also acknowledge benefits from improved transparency and risk management standards.

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