Derivative markets for debt market development Background paper for IFC’s Developing domestic debt markets – A manual for policy makers
نویسندگان
چکیده
2 The choices for policy makers of markets and products 4 2.1 Trading venue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2.2 Clearing and settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2.2.1 Netting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2.2.2 Counterparty credit risk . . . . . . . . . . . . . . . . . . . . . . . . 4 2.2.3 Novation at the clearing corporation . . . . . . . . . . . . . . . . . 5 2.3 Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2.3.1 Short end: cash settled products based on inter–bank interest rates 5 2.3.2 Short end: physically settled products based on treasury bills . . . . 6 2.3.3 Long end: physically settled products based on long bonds . . . . . 6
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