clearing_services_for_global_markets：全球市场的结算服务_Image_Marked.pdfVIP

Cambridge University Press 978-0-521-51871-0 - Clearing Services for Global Markets: A Framework for the Future Development of the Clearing Industry Tina P. Hasenpusch Frontmatter More information Clearing Services for Global Markets Clearing forms the core part of a smooth and efficiently functioning financial market infrastructure. Traditionally, it has been provided by clearing houses, most of which today act as a ‘central counterparty’ (CCP) between the two sides of a trade. The rapid growth of cross-border trading has sparked discussion on the most efficient industry structure – particularly in Europe and the USA. At the heart of this discussion lies the question of whether the implementation of a single clearing house creates greater benefits than a more competitive but interlinked market structure. This is the starting point for this book, which analyses the efficiency of clearing and clearing industry structure. Along with clear-cut definitions and a concise characterisation and descriptive analysis of the clearing industry, the book determines the efficiency impact of various cross-border integration and harmonisation initiatives between CCPs. This serves to identify the most preferable future structure for the clearing industry. Tina P. Hasenpusch works for Barclays Capital in London. Prior to her career at Barcap, she completed her PhD in Banking and Finance at the European Business School in Germany with a summa cum laude. Tina also worked in the Trading and Clearing