Central clearing counterparties (CCPs) have a variety of economic rationales. The Great
Recession of 2007–2009 led regulators to mandate CCPs for most interest-rate and credit …

Central counterparties (CCPs) are systemically important. When a clearing member defaults,
the CCP sells the defaulted portfolio to surviving members in an auction, and losses, if any …

We provide a framework for modeling risk and quantifying payment shortfalls in cleared
markets with multiple central counterparties (CCPs). Building on the stylized fact that …

In this paper, I analyse first-price single-item auctions in case of a default of a clearing agent
in a central counterparty (CCP). The bidding surviving clearing agents attach a private value …

For vanilla derivatives that constitute the bulk of investment banks' hedging portfolios, central
clearing through central counterparties (CCPs) has become hegemonic. A key mandate of a …

Finance regulators require banking institutions to be able to conduct regular scenario
analyses to assess their resistance to various shocks (stress tests) of their exposures, in …

Default auctions at central counterparties (or 'CCPs') are critically important to financial
stability. However, due to their unique features and challenges, standard auction theory …

Default auctions at central counterparties (or'CCPs') are critically important to financial
stability. However, due to their unique features and challenges, standard auction theory …

Collateral transactions and shado banking Page 1 Collateral transactions and shado
banking Spence, R. Citation Spence, R. (2021, October 13). . . Retrie ed from https://hdl.handle.net/1887/3217145 …

This thesis empirically examines the contribution of financial institutions to systemic risk by
looking at their interactions with market-based finance. The financial crisis of 2007-09 …