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Description
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. This volume consists of six parts which provide an in-depth analysis of all relevant aspects of the entire operation of clearing OTC derivatives. Part I provides a general description of OTC Derivatives clearing as well as a detailed description of the development of the EU regulatory regime from an historical perspective also highlighting the global perspective. Part II discusses structural elements of OTC derivatives clearing including the various access models (incl. sponsored access), clearing mechanics (novation), collateral management, CCP governance, clearing documentation and capital requirements. Part III examines the CCP's default management, segregation and portability of client assets and CCP recovery & resolution. Part IV analyses the transaction chain including open access as well as the relationship with trading venues and settlement organisations. Part V addresses cross border issues and the consequences of Brexit for the OTC derivatives clearing industry. Part VI focusses on future developments including distributed ledger technology (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.
Table of Contents
- Part I: Introduction
- 1: Bas Zebregs, Victor De Serière, Patrick Pearson and Rezah Stegeman: After The Dust Has Settled: Clearing OTC Derivatives in Europe After A Decade Of Regulation
- 2: Tina Hasenpusch and Rezah Stegeman: OTC Derivatives Clearing Explained
- 3: Patrick Pearson: Development Of The Regulatory Regime For OTC Derivatives Clearing
- Part II: Structural Elements Of Clearing
- 4: Christina Sell: CCP Access Structures
- 5: Christian Chamorro-Courtland: Clearing Mechanics
- 6: Manmohan Singh: OTC Derivatives Clearing And Collateral Management
- 7: Rebecca Lewis and David Murphy: What Kind Of A Thing Is A Central Counterparty? The Role Of Clearing Houses As A Source Of Policy Controversy
- 8: Emma Dwyer and Emma Lancelott: OTC Derivatives Clearing Documentation
- 9: Marc Peters: Capital Requirements For Bank Exposures To CCPs
- Part III: Default Management
- 10: Bas Zebregs: Segregation And Portability Of Cleared OTC Derivatives In Europe
- 11: David Horner: Default Management
- 12: Victor De Serière: Recovery And Resolution Of CCPs
- Part IV: The Transaction Chain
- 13: Apostolos Thomadakis and Karel Lannoo: Clearing And Trading and Settlement
- 14: Corentine Poilvet and Julien Jardelot: Open Access For OTC Derivatives: Concept And Implications
- Part V: Cross Border Issues
- 15: Ulrich Karl: Cross Border Clearing
- 16: Dermot Turing: Brexit: Equivalence; Location Policy
- Part VI: The Future Of OTC Derivatives Clearing
- 17: Randy Priem: The Potential Impact Of The Distributed Ledger Technology On OTC Derivatives Markets
- 18: Evariest Callens and Klaus Löber: The Future Of Centrally Cleared OTC Derivatives Markets
