Description |
1 online resource (xxxii, 536 pages) : illustrations |
Contents |
Setting the stage : definitions and industry setting -- Defining the core issues : efficiency and network strategies -- Collecting empirical insights : introduction to the empirical study -- Analysing costs of derivatives clearing : transaction cost studies -- Exploring theoretical basics : scale effects in clearing -- What theory reveals : framework for efficiency analysis of network strategies -- Checking theory against reality : case studies of network strategies |
Summary |
Clearing forms the core part of a smooth and efficiently functioning financial market infrastructure. Traditionally, it has been provided by clearing houses, most of which today act as a 'central counterparty' (CCP) between the two sides of a trade. The rapid growth of cross-border trading has sparked discussion on the most efficient industry structure - particularly in Europe and the US. At the heart of this discussion lies the question of whether the implementation of a single clearing house creates greater benefits than a more competitive but interlinked market structure. This is the starting point for this book, which analyses the efficiency of clearing and clearing industry structure. Along with clear-cut definitions and a concise characterisation and descriptive analysis of the clearing industry, the book determines the efficiency impact of various cross-border integration and harmonisation initiatives between CCPs. This serves to identify the most preferable future structure for the clearing industry |
Bibliography |
Includes bibliographical references and index |
Notes |
Print version record |
Subject |
International clearing.
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BUSINESS & ECONOMICS -- Banks & Banking.
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International clearing
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Clearing
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Wertpapierhandel
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Form |
Electronic book
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LC no. |
2009020678 |
ISBN |
9780521518710 |
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0521518717 |
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9780511635106 |
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0511635109 |
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9780511635557 |
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0511635559 |
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1107404479 |
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9781107404472 |
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9780511634154 |
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0511634153 |
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