The Evolution of Clearing and Central Counterparty Services for Exchange-Traded Derivatives in the United States and Europe: A Comparison

64 Pages Posted: 27 Jul 2007

See all articles by Daniela Russo

Daniela Russo

European Central Bank (ECB)

Terry L. Hart

U.S. Office of International Affairs

Andreas Schönenberger

European Central Bank (ECB)

Date Written: September 2002

Abstract

This paper is organised as follows. Section 1 explains why issues concerning central counterparty clearing houses are of direct concern to central banks and why a comparison of the European and the US situation is of interest. Section 2 provides a comparative overview of the organisation of derivatives exchanges in the United States and in Europe. Section 3 focuses on the organisation of clearing, covering a broad range of aspects. Section 4 analyses operational developments in international risk management practices and arrangements. Section 5 discusses various forms of structural consolidation in the clearing and settlement infrastructure by highlighting the different approaches taken in the United States and in Europe. Section 6 is devoted to the roles of central banks and financial market regulators regarding clearing and to the challenges they face as a result of current innovations in clearing arrangements. Finally, Section 7 summarises some of the main findings.

Suggested Citation

Russo, Daniela and Hart, Terry L. and Schönenberger, Andreas, The Evolution of Clearing and Central Counterparty Services for Exchange-Traded Derivatives in the United States and Europe: A Comparison (September 2002). ECB Occasional Paper No. 5, Available at SSRN: https://ssrn.com/abstract=748968 or http://dx.doi.org/10.2139/ssrn.748968

Daniela Russo (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Terry L. Hart

U.S. Office of International Affairs ( email )

1155 21st Street NW
Washington, DC 20581
United States

Andreas Schönenberger

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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