Journal of Financial Market Infrastructures

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Concentration in cleared derivatives: the case for broadening access to direct central counterparty clearing

Nahiomy Alvarez and John McPartland

In this paper, the authors explore the benefits and challenges of encouraging major end-users of derivatives to become direct clearing members of central counterparties (CCPs). If done prudently, increasing and diversifying the pool of clearing members and redistributing outstanding derivatives contracts could help CCPs to become more resilient.

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