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Acknowledgements »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

I Introduction to OTC Derivatives Clearing in Europe, 1 After the Dust Has Settled: Clearing OTC Derivatives in Europe after a Decade of Regulation »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson
This chapter provides an overview of over-the-counter (OTC) derivatives clearing in Europe. As a consequence of the way in which central counterparties (CCPs) responded to the bankruptcy of Lehman Brothers in 2008 and enabled financial markets to continue to operate during the financial crisis, legislators and regulators immediately and unanimously concluded that (i) OTC derivatives clearing not only reduces systemic risk and enhances financial stability but also (ii) CCPs themselves are systemically important institutions that can potentially raise issues of systemic risk. In 2012, EMIR was adopted, introducing mandatory clearing of designated OTC derivatives, regulatory requirements for CCPs, stricter rules for uncleared OTC derivatives, and a reporting obligation for derivatives to central trade repositories. The chapter then considers the effects of Brexit and presents some relevant market data to illustrate the scope and scale of the OTC derivatives clearing markets in Europe. It also outlines the various chapters in the book.

Clearing OTC Derivatives in Europe »

Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

Contents »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

Part III Trading, 15 Derivatives: Trading, Clearing, Stp, Indirect Clearing, and Portfolio Compression »

Rezah Stegeman, Aron Berket
From: Regulation of the EU Financial Markets: MiFID II and MiFIR
Edited By: Danny Busch, Guido Ferrarini
This chapter analyses and discusses the new mandatory trading obligation for derivatives provided in Title V of MiFIR. The authors conclude that time will tell whether the new rules discussed in this chapter will impact on the derivatives markets as they stand today and if so, to what extent and in what ways.

Index »

Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

List of Abbreviations »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

List of Contributors »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

List of Figures »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

List of Tables »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

I Introduction to OTC Derivatives Clearing in Europe, 2 OTC Derivatives Clearing Explained »

Tina Hasenpusch and, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson
This chapter discusses the concept of clearing, providing a definition of ‘clearing’ from various perspectives: a process view, a functional view, and a product view. The process view refers to clearing as a process that constitutes a vital part of the life cycle of a trade. The functional view focuses on clearing as a service and details the various value-chain components. Meanwhile, the product view concentrates on the peculiarity of clearing over-the-counter (OTC) derivatives. The chapter then looks at the different clearing services, including cleared trade confirmation, transaction/position management, delivery management, novation, netting, risk management, collateral management, and cash management. It also considers the benefits of central counterparty (CCP) clearing, which has become such an integral part of modern financial market structures. From a microeconomic perspective, CCPs provide benefits and value-added for individual market participants. In macroeconomic terms, CCPs are key infrastructures, playing a vital role by facilitating the smooth and frictionless functioning of financial markets, thus increasing their efficiency, supporting financial stability, and reducing systemic risks.

Preface »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

Preface by the Series Editors »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

Table of Cases »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

Table of Legislation »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson