Access to Central Clearing Services for Over-the-Counter Derivatives
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چکیده
BanK oF canaDa FinanciaL SYStem reVieW JUne 2011 Broad access to central clearing will be necessary to fully realize the expected benefits of systemic-risk reduction from the increased use of ccPs . the evolving configuration of access to ccPs may, however, have unintended consequences for the structure of the global otc derivatives market . as the use of ccPs is mandated or strongly encouraged and thus becomes widespread, access requirements could have important implications for market innovation, concentration, competition and the resilience of local financial markets . For example, requirements that limit access based on size considerations could help to perpetuate and expand the dominance of very large dealers . they could also reduce the ability of local markets to withstand financial shocks . the importance of achieving fair and open access to ccPs has been recognized by the Financial Stability Board (FSB) Working Group on otc Derivatives (FSB 2010), as well as other international groups . according to cPSS-ioSco (2011),
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