Can broader access to direct CCP clearing reduce the concentration of cleared derivatives?

Alvarez examines the potential advantages and disadvantages of expanding direct central counterparties (CCP) access to end-users as a means of reducing the concentration of outstanding derivatives contracts among a handful of clearing members at major CCPs. To that end, he discusses the approaches f...

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Bibliographic Details
Published in:	Economic perspectives (1977) 2019-09, Vol.43 (3), p.1
Main Author:	Alvarez, Nahiomy
Format:	Article
Language:	eng
Subjects:	Banking industry Clearing banks Commodity markets Derivatives Financial crises Regulatory agencies Swaps (Finance)
Online Access:	Request full text
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Summary:	Alvarez examines the potential advantages and disadvantages of expanding direct central counterparties (CCP) access to end-users as a means of reducing the concentration of outstanding derivatives contracts among a handful of clearing members at major CCPs. To that end, he discusses the approaches for broadening such access that have been employed or considered at CCPs in Frankfurt Germany, London England, and the US. He also looks at other ways for achieving broader access that have been proposed by industry participants and regulators.
ISSN:	0164-0682 1048-115X 0164-0682 2163-3584