Contracting Innovations and the Evolution of Clearing and Settlement Methods at Futures Exchanges

48 Pages Posted: 21 Jun 2006

See all articles by James T. Moser

James T. Moser

American University - Kogod School of Business

Date Written: 1998

Abstract

Defining futures contracts as substitutes for associated cash transactions enables a discussion of the evolution of controls for contract nonperformance risk. These controls are incorporated into exchange methods for clearing contracts. Three clearing mnethods are described: direct, ringing, complete. The incidence and operation of each are described.

Suggested Citation

Moser, James T., Contracting Innovations and the Evolution of Clearing and Settlement Methods at Futures Exchanges (1998). FRB of Chicago Working Paper No. 26. Available at SSRN: https://ssrn.com/abstract=910505 or http://dx.doi.org/10.2139/ssrn.910505

James T. Moser (Contact Author)

American University - Kogod School of Business ( email )

4400 Massachusetts Avenue NW
Washington, DC 20816-8044
United States

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