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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Counterparty Risk Management for Central Counterparties after the Global Financial Crisis |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 143 |
| Date | 2016 |
| Abstract Text | The role of a Central Counter-Party (CCP) in the aftermath of the Global Financial Crisis (GFC) in 2008 is studied in relation to the con ict of interests with their clearing members, the repo markets and the alignment of risk management practises with desired policy goals. Historic development of CCP's and securitization is presented on which we build a conceptual interpretation for the GFC and it's aftermath, including the response of central banks as the second major policy shift. The concepts of liquidity, leverage and informational-insensitivity are explored as the basis for this interpretation. We argue that the same structural de ciencies which have led to the GFC are now being institutionalized in a form of a CCP. In addition, the similarities of a CCP with a credit rating agency and a central bank are presented to substantiate our concerns on the robust stability of such a form of systemic risk stabilizers. As an interesting outgrowth of our research the natural interpretation for the currently present negative interest rates is presented along with possible consequences for the developments of nancial markets looking through the prism of the above listed fundamental concepts. |
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