Clearing and Central Counterparties
Chapter 7: Regulatory analysis
The seventh chapter provides an in-depth analysis of the challenges CCPs currently face, not only in light of regulation, but also arbitrage, moral hazard, information asymmetry, adverse selection and the too-big-to-fail problematics. Based on the determined shortcomings, a novel solution is recommended: to mandate CCPs to join a global default fund, which is funded through industry-based contributions.
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