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MASTER THESIS
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Do central counterparty houses ensure the financial markets as regulators intend to do via the mandatory clearing requirement for derivatives?

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Attou, Amine ULiège
Promotor(s) : Artige, Lionel ULiège
Date of defense : 6-Sep-2016/8-Sep-2016 • Permalink : http://hdl.handle.net/2268.2/1898
Details
Title : Do central counterparty houses ensure the financial markets as regulators intend to do via the mandatory clearing requirement for derivatives?
Translated title : [fr] Les chambres de compensations assurent-elles les marchés financiers comme les régulateurs le souhaitent par le biais de compensation obligatoire pour les produits dérivés ?
Author : Attou, Amine ULiège
Date of defense  : 6-Sep-2016/8-Sep-2016
Advisor(s) : Artige, Lionel ULiège
Committee's member(s) : Tharakan, Joseph ULiège
Lejeune, Thomas 
Language : English
Number of pages : 88
Keywords : [en] CCP
[en] Clearinghouse
[en] Central counterparty
[en] EMIR
[en] Dodd-Frank Act
[en] counterparty risk
[en] competition risk
[en] default framework
[en] operating risk
Discipline(s) : Business & economic sciences > Finance
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences économiques,orientation générale, à finalité spécialisée en Economics and Finance
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège

Abstract

[en] This thesis is going to try to answer the following question: do central counterparty houses
(CCP) ensure the financial markets as regulators intend to do via the mandatory clearing
requirement for derivatives?

The size of CCPs had skyrocketed in the last years mainly due to the mandatory clearing
requirements. Currently, the EU and the US are requiring Interest Rate Swaps and Credit
Default Swaps to clear in agreement with their respective laws, European Market
Infrastructure Regulation and Dodd-Frank Act. CCPs are expected to keep growing as more
clearing requirements will probably be establishing.

Many issues are rising about the service provided and the safety of theses newly became too
big too fail CCPs. As a matter of fact, few CCPs are ensuring together derivatives for more
than 200 trillions of dollars. Are really CCPs able to ensure all cleared trade? Are the current
CCPs able to face a financial crisis (such as in 2007)? Does the clearing requirement make the
financial markets safer?

While analysing the aims and the scopes of the EU and the US regulations, I reviewed the
most relevant risks for the current CCPs. As the total risk is seen at a high level by major
banks, I investigated the default framework for the event of a collapsing CCP.


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Access ATTOU Amine Master Thesis.pdf
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Author

  • Attou, Amine ULiège Université de Liège > Master sc. éco., or. gén., fin. spéc. fin. (ex 2e master)

Promotor(s)

Committee's member(s)

  • Tharakan, Joseph ULiège Université de Liège - ULg > HEC-Ecole de gestion de l'ULg : UER > Economie internationale
    ORBi View his publications on ORBi
  • Lejeune, Thomas
  • Total number of views 16
  • Total number of downloads 10










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