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  1. Considerations for the allocation of non-default losses by financial market infrastructures
    Erschienen: [2022]
    Verlag:  Bank of Canada, [Ottawa, ON]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Auflage/Ausgabe: Last updated: November 3, 2022
    Schriftenreihe: Staff analytical note ; 2022, 16
    Schlagworte: Clearing; Kanada; Non-default losses; Central counterparties
    Umfang: 1 Online-Ressource (circa 10 Seiten)
  2. Systemic risk in markets with multiple central counterparties
    Erschienen: November 2022
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    VS 546
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: BIS working papers ; no 1052
    Schlagworte: Central counterparties; systemic risk; contagion; stress testing; Cover 2
    Umfang: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  3. Dealers' insurance, market structure, and liquidity
    Erschienen: October 31, 2017
    Verlag:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

    We develop a parsimonious model to study the equilibrium structure of financial markets and its efficiency properties. We find that regulations aimed at improving market outcomes can cause inefficiencies. The welfare benefit of such regulation stems... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    VS 412 (2017,119)
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    We develop a parsimonious model to study the equilibrium structure of financial markets and its efficiency properties. We find that regulations aimed at improving market outcomes can cause inefficiencies. The welfare benefit of such regulation stems from endogenously improving market access for some participants, thus boosting competition and lowering prices to the ultimate consumers. Higher competition, however, erodes profits from market activities. This has two effects: it disproportionately hurts more efficient market participants, who earn larger profits, and it reduces the incentives of all market participants to invest ex-ante in efficient technologies. The general equilibrium effect can therefore result in a welfare cost to society. Additionally, this economic mechanism can explain the resistance by some market participants to the introduction of specific regulation which could appear to be unambiguously beneficial

     

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Finance and economics discussion series ; 2017, 119
    FEDS Working Paper ; No. 2017-119
    Schlagworte: Insurance; Central counterparties; Dealers; Liquidity
    Umfang: 1 Online-Ressource (circa 73 Seiten), Illustrationen