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Market structure developments in the clearing industry: implications for financial stability

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Central bankers analyse market structure developments in the clearing industry and the implications for financial stability, 10 November 2010

  • In a report published today by the Committee on Payment and Settlement Systems (CPSS), central bankers examine developments in the clearing industry’s market structure, their drivers and the implications for financial stability. The report, Market structure developments in the clearing industry: implications for financial stability, first provides a broad overview of the clearing industry in CPSS countries, covering both traditional markets and OTC derivatives markets. Market structures can be classified in two dimensions: vertical versus horizontal structures, and integrated versus fragmented structures. Second, the report assesses how far these developments have given rise to new risks. It further outlines practical issues that regulators and overseers may wish to consider, either as part of their oversight role or in the context of their broader financial stability remit. Furthermore, the report examines to what extent changes in market structure or ownership might affect the expansion of central clearing services. Finally, the effect of ownership on CCPs’ incentives to manage counterparty risk is considered.”
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