skip to content
Who Pays? : CCP Resource Provision in the Post-Pittsburgh World Preview this item
ClosePreview this item
Checking...

Who Pays? : CCP Resource Provision in the Post-Pittsburgh World

Author: Jorge A Cruz Lopez; Mark Manning
Publisher: Ottawa, ON, CA : Bank of Canada, 2017. ©2017
Series: Staff Discussion Paper/Document d'analyse du personnel, 2017-17.
Edition/Format:   eBook : Document : National government publication : EnglishView all editions and formats
Summary:
'At the Pittsburgh Summit in 2009, G20 countries announced their commitment to clear all standardized over-the-counter (OTC) derivatives through central counterparties (CCPs). Since then, CCPs have become increasingly important and there has been an extensive program of regulatory enhancements to both them and OTC derivatives markets. However, as OTC clearing has grown, tensions have emerged among market  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Genre/Form: Electronic books
Material Type: Document, Government publication, National government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jorge A Cruz Lopez; Mark Manning
OCLC Number: 1017800283
Language Note: Includes abstracts in English and French.
Description: 1 online resource (24 pages).
Series Title: Staff Discussion Paper/Document d'analyse du personnel, 2017-17.
Responsibility: Jorge A. Cruz Lopez.
More information:

Abstract:

'At the Pittsburgh Summit in 2009, G20 countries announced their commitment to clear all standardized over-the-counter (OTC) derivatives through central counterparties (CCPs). Since then, CCPs have become increasingly important and there has been an extensive program of regulatory enhancements to both them and OTC derivatives markets. However, as OTC clearing has grown, tensions have emerged among market participants over CCPs' traditional model of resource provision through loss mutualization. We argue that most of these tensions can be explained by a misalignment between the policy goal of enhancing financial stability and the delivery of that goal by mandating clearing through CCPs as they are currently organized. Specifically, the traditional model for resource provision makes most CCPs suitable for managing club goods, whereas financial stability is a public good. The key differences between these two types of goods, driven by the wedge between those who pay for them and those who derive the benefits, create the observed tensions. Thus, we propose a framework to analyze the functional elements of a CCP and examine whether an alternative clearing model might be more effective in supporting financial stability. We conclude that some tensions could perhaps be mitigated by unbundling the functions of a CCP and selecting the ownership and funding structure that best suits their individual characteristics. Functions that are critical for the provision of financial stability might imply some form of public sector involvement, whereas other services might lend themselves to a for-profit or traditional club model'--Abstract, p. ii.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/1017800283> # Who Pays? : CCP Resource Provision in the Post-Pittsburgh World
    a schema:MediaObject, schema:CreativeWork, schema:Book ;
    library:oclcnum "1017800283" ;
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/onc> ;
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/affectation_des_ressources> ; # Affectation des ressources
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/externality> ; # Externality
    schema:about <http://dewey.info/class/332.1/a15/> ;
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/chambres_de_compensation> ; # Chambres de compensation
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/clearing_house_finance> ; # Clearing house (finance)
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/bank> ; # Bank
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/competition> ; # Competition
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/clearing_finance> ; # Clearing (finance)
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/clearing_of_securities> ; # Clearing of securities
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/compensation_de_titres> ; # Compensation de titres
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/central_bank> ; # Central bank
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/central_counterparty_clearing> ; # Central counterparty clearing
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/resource_allocation> ; # Resource allocation
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/derivative_finance> ; # Derivative (finance)
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/economy> ; # Economy
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/clearinghouses_banking> ; # Clearinghouses (Banking)
    schema:about <http://experiment.worldcat.org/entity/work/data/7297651366#Topic/business> ; # Business
    schema:bookFormat schema:EBook ;
    schema:contributor <http://experiment.worldcat.org/entity/work/data/7297651366#Person/manning_mark> ; # Mark Manning
    schema:contributor <http://experiment.worldcat.org/entity/work/data/7297651366#Person/cruz_lopez_jorge_a> ; # Jorge A. Cruz Lopez
    schema:datePublished "2017" ;
    schema:description "'At the Pittsburgh Summit in 2009, G20 countries announced their commitment to clear all standardized over-the-counter (OTC) derivatives through central counterparties (CCPs). Since then, CCPs have become increasingly important and there has been an extensive program of regulatory enhancements to both them and OTC derivatives markets. However, as OTC clearing has grown, tensions have emerged among market participants over CCPs' traditional model of resource provision through loss mutualization. We argue that most of these tensions can be explained by a misalignment between the policy goal of enhancing financial stability and the delivery of that goal by mandating clearing through CCPs as they are currently organized. Specifically, the traditional model for resource provision makes most CCPs suitable for managing club goods, whereas financial stability is a public good. The key differences between these two types of goods, driven by the wedge between those who pay for them and those who derive the benefits, create the observed tensions. Thus, we propose a framework to analyze the functional elements of a CCP and examine whether an alternative clearing model might be more effective in supporting financial stability. We conclude that some tensions could perhaps be mitigated by unbundling the functions of a CCP and selecting the ownership and funding structure that best suits their individual characteristics. Functions that are critical for the provision of financial stability might imply some form of public sector involvement, whereas other services might lend themselves to a for-profit or traditional club model'--Abstract, p. ii."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/7297651366> ;
    schema:genre "Government publication"@en ;
    schema:genre "Electronic books"@en ;
    schema:genre "National government publication"@en ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/7297651366#Series/> ; #
    schema:isPartOf <http://worldcat.org/issn/1914-0568> ; # Staff Discussion Paper/Document d'analyse du personnel ;
    schema:name "Who Pays? : CCP Resource Provision in the Post-Pittsburgh World"@en ;
    schema:productID "1017800283" ;
    schema:url <http://books.scholarsportal.info/en/read?id=/ebooks/ebooks4/cpdc4/2018-12-11/3/10094715> ;
    schema:url <http://oaresource.library.carleton.ca/wcl/2018/20180119/FB3-6-2017-17-eng.pdf> ;
    schema:url <http://epe.lac-bac.gc.ca/100/201/301/weekly_acquisitions_list-ef/2017/17-51/publications.gc.ca/collections/collection_2017/banque-bank-canada/FB3-6-2017-17-eng.pdf> ;
    schema:url <http://publications.gc.ca/collections/collection_2017/banque-bank-canada/FB3-6-2017-17-eng.pdf> ;
    schema:url <https://www.deslibris.ca/ID/10094715> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/1017800283> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/7297651366#Person/cruz_lopez_jorge_a> # Jorge A. Cruz Lopez
    a schema:Person ;
    schema:familyName "Cruz Lopez" ;
    schema:givenName "Jorge A." ;
    schema:name "Jorge A. Cruz Lopez" ;
    .

<http://experiment.worldcat.org/entity/work/data/7297651366#Person/manning_mark> # Mark Manning
    a schema:Person ;
    schema:familyName "Manning" ;
    schema:givenName "Mark" ;
    schema:name "Mark Manning" ;
    .

<http://experiment.worldcat.org/entity/work/data/7297651366#Series/> #
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1017800283> ; # Who Pays? : CCP Resource Provision in the Post-Pittsburgh World
    schema:name "" ;
    .

<http://experiment.worldcat.org/entity/work/data/7297651366#Topic/affectation_des_ressources> # Affectation des ressources
    a schema:Intangible ;
    schema:name "Affectation des ressources"@fr ;
    .

<http://experiment.worldcat.org/entity/work/data/7297651366#Topic/central_counterparty_clearing> # Central counterparty clearing
    a schema:Intangible ;
    schema:name "Central counterparty clearing"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/7297651366#Topic/chambres_de_compensation> # Chambres de compensation
    a schema:Intangible ;
    schema:name "Chambres de compensation"@fr ;
    .

<http://experiment.worldcat.org/entity/work/data/7297651366#Topic/clearing_finance> # Clearing (finance)
    a schema:Intangible ;
    schema:name "Clearing (finance)"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/7297651366#Topic/clearing_house_finance> # Clearing house (finance)
    a schema:Intangible ;
    schema:name "Clearing house (finance)"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/7297651366#Topic/clearing_of_securities> # Clearing of securities
    a schema:Intangible ;
    schema:name "Clearing of securities"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/7297651366#Topic/clearinghouses_banking> # Clearinghouses (Banking)
    a schema:Intangible ;
    schema:name "Clearinghouses (Banking)"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/7297651366#Topic/compensation_de_titres> # Compensation de titres
    a schema:Intangible ;
    schema:name "Compensation de titres"@fr ;
    .

<http://experiment.worldcat.org/entity/work/data/7297651366#Topic/derivative_finance> # Derivative (finance)
    a schema:Intangible ;
    schema:name "Derivative (finance)"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/7297651366#Topic/resource_allocation> # Resource allocation
    a schema:Intangible ;
    schema:name "Resource allocation"@en ;
    .

<http://worldcat.org/issn/1914-0568> # Staff Discussion Paper/Document d'analyse du personnel ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1017800283> ; # Who Pays? : CCP Resource Provision in the Post-Pittsburgh World
    schema:issn "1914-0568" ;
    schema:name "Staff Discussion Paper/Document d'analyse du personnel ;" ;
    schema:name "Staff Discussion Paper/Document d'analyse du personnel," ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.