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Clearing OTC Derivatives in Europe

Clearing OTC Derivatives in Europe

Author: Bas Zebregs; Victor de Seriere; Rezah Stegeman; Patrick Pearson
Publisher: Oxford University Press
ISBN: 9780192868725
Published In: September 2023
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

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Clearing of OTC derivatives is an essential part of the financial market infrastructure, and performs a critical function catering for the need of market participants to hedge risks by using OTC derivatives. As a response to the financial crisis, central clearing has also added greater safety and transparency in the financial sector. Nevertheless, although the main risks have been addressed, they have not disappeared. Clearing OTC Derivatives in Europe provides a comprehensive and practical guide to the legal, regulatory, and operational aspects of the OTC derivatives clearing industry in Europe.

The volume consists of six parts which include an in-depth analysis of all relevant aspects of the entire operation of clearing OTC derivatives. Part I provides a general introduction and description of the background, reason, and general operation of OTC derivatives clearing before and after the introduction of the mandatory clearing regime. Part II deals with CCP membership structures where end-users (may) have an option to become a direct clearing member, access the CCP through a CM (client clearing) or through another intermediary (indirect clearing). Part III examines the CCP's default management. Part IV analyses clearing within the transaction chain, particularly the relationship between clearing and trading venues and settlement organisations. Part V addresses cross border issues and the consequences of Brexit for the OTC derivatives clearing industry. Part VI focuses on future developments, including the impact of distributed ledger technologies (DLT).

Written by leading experts from across Europe and various disciplines including governmental and regulatory bodies, academics, law firms, and market practitioners, Clearing OTC Derivatives in Europe is an indispensable companion for anyone involved with financial market infrastructure and OTC derivatives.

Part I: Introduction

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

2:Setting The Stage, Tina Hasenpusch & Rezah Stegeman

3:Development Of The Regulatory Regime For OTC Derivatives Clearing, Patrick Pearson

Part II: Structural Elements Of Clearing

4:CCP Access Structures, Christina Sell

5:Clearing Mechanics, Christian Chamorro-Courtland

6:OTC Derivatives Clearing And Collateral Management, Manmohan Singh

7:What Kind Of A Thing Is A Central Counterparty? The Role Of Clearing Houses As A Source Of Policy Controversy, Rebecca Lewis & David Murphy

8:OTC Derivatives Clearing Documentation, Emma Dwyer & Emma Lancelott

9:Capital Requirements For Bank Exposures To CCPs, Marc Peters

Part III: Default Management

10:Segregation And Portability Of Cleared OTC Derivatives In Europe, Bas Zebregs

11:Default Management, David Horner