Functional Definition of a Central Counterparty Clearing House (CCP)
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چکیده
The current regulatory environment is changing with regard to security settlement systems and central counterparty services. Various initiatives are addressing these changes, e.g. CESR/ESCB, Giovannini, CPSS/IOSCO, ISD, G30 and the European Commission’s Communication on Clearing and Settlement. In this paper, we do not want to resolve or comment on any of these issues, but believe it is of the utmost importance to clearly define the services provided within the clearing and settlement value chain. Furthermore, we do not want this paper to be seen as promoting any particular regulatory or supervisory authority approach.
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