Central Counterparties and Liquidity Provision in Cash Markets

Strategic Liquidity Provision in Limit Order Markets

How Safe are Central Counterparties in Derivatives Markets?

We propose a general framework for estimating the vulnerability to default by a central counterparty (CCP) in derivatives markets. Unlike conventional stress testing approaches, which estimate the ability of a CCP to withstand nonpayment by its two largest counterparties, we study the direct and indirect effects of nonpayment by members and/or their clients through the full network of exposures...

kurdish diaspora in central asia and caoucasus

در طول دو قرن گذشته و ظهور روسیه بعنوان قدرتی بزرگ در عرصه جهانی و شروع رقابت با سایر قدرت های بین المللی و منطقهای خصوصا با ایران و عثمانی این ئکشور تلاش کرده است تاد از جمعیت کردها در این کشورها در راستای منافع خود بهره برداری کند در قرون 18 و 19 بارها بخشی از کردها برعلیه امپراطوری عثمانی توسط این کشور مورد استفاده قرار گرفت خصوصا در جنگ های سال 1790تا 1798. این ججنگ ها م.جب شد که بخشی از کر...

The Provision of Central Bank Liquidity under Asymmetric Information

entral banks provide liquidity in various contexts to promote the stability and efficient functioning of the financial system. While the exact institutional aspects of liquidity provision vary among central banks, some basic features seem to be generic. First, the provision of central bank liquidity in normal periods is restricted to a small subset of possible agents who are encouraged to compe...

The Emergence and Future of Central Counterparties

We explain why central counterparties (CCPs) emerged historically. With standardized contracts, it is optimal to insure counterparty risk by clearing those contracts through a CCP that uses novation and mutualization. As netting is not essential for these services, it does not explain why CCPs exist. In over-the-counter markets, as contracts are customized and not fungible, a CCP cannot fully g...