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Clearing Services for Global Markets

Clearing forms the core part of a smooth and efficiently functioning financial market
infrastructure. Traditionally, it has been provided by clearing houses, most of which
today act as a ‘central counterparty’ (CCP) between the two sides of a trade. The rapid
growth of cross-border trading has sparked discussion on the most efficient industry
structure – particularly in Europe and the USA. At the heart of this discussion
lies the question of whether the implementation of a single clearing house creates
greater benefits than a more competitive but interlinked market structure. This is the
starting point for this book, which analyses the efficiency of clearing and clearing
industry structure. Along with clear-cut definitions and a concise characterisation
and descriptive analysis of the clearing industry, the book determines the efficiency
impact of various cross-border integration and harmonisation initiatives between
CCPs. This serves to identify the most preferable future structure for the clearing
industry.

Tina P. Hasenpusch works for Barclays Capital in London. Prior to her career at Barcap,
she completed her PhD in Banking and Finance at the European Business School in
Germany with a summa cum laude. Tina also worked in the Trading and Clearing
Market Development department of Eurex, the world’s leading derivatives exchange
and clearing house. Her research focus and expertise are in the fields of securities and
derivatives trading, clearing and settlement systems.
Advance praise for Clearing Services for Global Markets
‘The book features three real-world case studies bringing clearing to life. It is a
thorough and insightful exposition of clearing and a must-read for anyone interested
in the subject matter.’
PAUL J. BRODY
Chief Financial Officer of Interactive Brokers Group and Timber Hill LLC, and Board
Member of the Options Clearing Corporation
‘Only few academic contributions have been published on clearing and no compre-
hensive and readable standard literature exists. I can definitely see this book filling
the void in becoming a standard work on clearing.’
ORLANDO CHIESA
Senior clearing house expert
‘This book’s unique character and contribution result from an unprecedented number
of interviews and feedback sessions with academics and industry experts. The list of
these people truly reads like the “Who’s Who” of the derivatives world. This book is
essential for anyone with an interest in clearing issues.’
DENNIS DUTTERER
Independent clearing consultant and former President and Chief Executive Officer of
the Clearing Corporation
‘I don’t know of anyone who has thought as deeply and written as thoroughly about the
key issues related to clearing as Tina Hasenpusch. Anyone interested in the mysterious
but critically important process of clearing, especially in the issues that arise as markets
and clearing become more global, should read this book.’
MICHAEL GORHAM
Industry Professor and Director of the IIT Stuart Center for Financial Markets and
co-author of Electronic Exchanges: The Global Transformation from Pits to Bits
‘This is a great piece of work! It becomes the textbook for anybody interested in the
process of clearing trades. It is extremely well researched and written.’
CHRISTOPHER K. HEHMEYER
President and Chief Executive Officer of PensonGHCO, founding partner of Golden-
berg, Hehmeyer & Co., former Chairman of the Board of Trade Clearing Corporation
and Director of the Chicago Board of Trade
‘If anyone ever had doubts about how exciting clearing could be – this book will change
your thinking. You will find that, despite its scope, it turns out to be a surprisingly
fun read.’
DAVID KRELL
Co-founder of the International Securities Exchange
‘Tina Hasenpusch has taken a view of the complex world of securities and derivatives
clearing and provided her readers with an analysis of uncommon transparency. The
analysis is based on diligent fact-gathering structured with a logical vision of the
broadly defined market. Her message is delivered with both clarity and grace.’
JAMES J. MCNULTY
Director of NYSE Euronext, Director of ICAP Plc and former President and Chief
Executive Officer of the Chicago Mercantile Exchange
‘Ms Hasenpusch’s book dares to go where others have not and provides an innovative
insight into the economics of clearing, using real-world examples. Executives of
exchanges, clearing organizations and banks should be interested in this scholarly
work, as should relevant national authorities and central banks.’
JOHN MCPARTLAND
Financial Markets Advisor to the Federal Reserve Bank of Chicago, and international
clearing and settlement consultant
‘This book is a joy to read. Ms Hasenpusch has a gift for explaining difficult concepts.
She makes it remarkably easy to deep dive into the world of clearing.’
OTTO E. NÄGELI
Managing Partner of OEN Consulting, former Deputy Chief Executive Officer of
Eurex, and Member of the Executive Board of SWX Swiss Exchange
‘This book is very timely and well worth reading, given the many changes afoot in the
areas of exchange regulation and clearing.’
HARVEY L. PITT
Chief Executive Officer of Kalorama Partners and former Chairman of the Securities
and Exchange Commission
‘Particularly in the light of recent market dislocations, clearing is critical for the
assurance of a healthy functioning of the financial markets. This book will have an
enormous audience.’
MARK SPANBROEK
Partner of a privately held electronic trading firm
Clearing Services for
Global Markets
A Framework for the Future Development
of the Clearing Industry

Tina P. Hasenpusch
CAMBRIDGE UNIVERSITY PRESS
Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore,
São Paulo, Delhi, Dubai, Tokyo

Cambridge University Press

The Edinburgh Building, Cambridge CB2 8RU, UK

Published in the United States of America by Cambridge University Press, New York

www.cambridge.org
Information on this title: www.cambridge.org/9780521518710

© Tina P. Hasenpusch 2009

This publication is in copyright. Subject to statutory exception and to the

provision of relevant collective licensing agreements, no reproduction of any part
may take place without the written permission of Cambridge University Press.
First published in print format 2009

ISBN-13 978-0-511-63510-6 eBook (NetLibrary)

ISBN-13 978-0-521-51871-0 Hardback

Cambridge University Press has no responsibility for the persistence or accuracy

of urls for external or third-party internet websites referred to in this publication,
and does not guarantee that any content on such websites is, or will remain,
accurate or appropriate.
The views expressed by research participants in interviews are their own and do
not necessarily represent the official stance of their organisation. The interviewees
are not associated with the final conclusions of this study. The findings of this
study thus do not necessarily reflect the views of the individuals interviewed in the
context of this study. Any proposition that is forwarded is arrived at through a
rigorous, independent academic methodology. The findings of the book do not
necessarily represent the official stance of Barclays Capital. The International
Capital Market Association’s sponsorship of this publication aims to promote
research and the continuing development of the market. ICMA did not exercise
any editorial control over this publication and as such the findings do not
necessarily reflect the official stance of the Association.
This book is for my beloved parents, Heike Maria and Bruno Hasenpusch
With love and gratitude
Visit https://ebookgate.com today to explore
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 Table of contents

List of figures page xvii

List of abbreviations xxiii
Acknowledgements xxviii
Foreword xxxi

1 Introduction 1
1.1 Problem definition 2
1.2 Literature and research gap 6
1.3 Purpose of study 9
1.4 Focus area of research 11
1.5 Structure of study 13

2 Setting the stage – definitions and industry setting 16

2.1 Definition of clearing 17
2.1.1 Process view 18
2.1.2 Functional view 19
2.1.2.1 Basic clearing services 20
2.1.2.1.1 Trade confirmation 20
2.1.2.1.2 Transaction/position management 21
2.1.2.1.3 Delivery management 22
2.1.2.2 Value-added clearing services 22
2.1.2.2.1 Unique CCP services 23
2.1.2.2.1.1 Novation 23
2.1.2.2.1.2 Netting 24
2.1.2.2.1.3 Risk management 28
2.1.2.2.2 Collateral management 31
2.1.2.2.3 Cash management 32
2.1.2.3 Complementary clearing services 32
2.1.3 Structural view 33
2.1.3.1 Alternative execution venues/exchanges as clearing service providers 35
x Table of contents

2.1.3.2 CSDs and ICSDs as clearing service providers 36

2.1.3.3 CCPs as clearing service providers 37
2.1.3.4 Banks/brokers as clearing service providers 38
2.1.4 Institutional view 39
2.2 Value-added of CCP clearing 41
2.2.1 Microeconomic view 41
2.2.2 Macroeconomic view 44
2.2.2.1 Allocation of risk 45
2.2.2.2 Allocation of capital 46
2.2.2.3 Market liquidity 46
2.2.3 Asset class view 47
2.3 The Value Provision Network 50
2.3.1 Structure of the Value Provision Network 50
2.3.2 Clearing member types 52
2.4 Stakeholders in clearing 57
2.5 Current clearing industry structures 60
2.5.1 Europe 62
2.5.2 United States 66
2.5.3 Comparing Europe and the United States 68
2.6 Summary 70

3 Defining the core issues – efficiency and network strategies 73

3.1 Efficiency of derivatives clearing 73
3.1.1 General efficiency criteria 74
3.1.2 Operational efficiency and transaction cost theory 76
3.2 Transaction costs of derivatives clearing 79
3.2.1 Direct transaction costs 82
3.2.1.1 Clearing house charges 84
3.2.1.2 Service provider charges 86
3.2.2 Indirect transaction costs 88
3.2.2.1 Cost of capital 88
3.2.2.2 Risk management costs 93
3.2.2.3 Information technology costs 95
3.2.2.4 Back-office costs 96
3.3 Network strategies 99
3.3.1 Classification of network strategies 100
3.3.1.1 Cross-margining agreements 101
3.3.1.2 Clearing links 103
3.3.1.3 Mergers and acquisitions 110
xi Table of contents

3.3.1.4 Single central counterparty 111

3.3.2 Overview of network initiatives from 1973 to 2006 113
3.4 Summary 117

4 Collecting empirical insights – introduction to the empirical study 119

4.1 Underlying data 119
4.2 Method and process of data collection 124
4.3 Structure of empirical study 126
4.4 Data treatment and interpretation 128
4.5 Quality of expert inquiry 130
4.6 Summary on purpose and use of the empirical insights 131

5 Analysing costs of derivatives clearing – transaction cost studies 133

5.1 Findings from empirical study 134
5.1.1 Relevance of clearing costs to clearing members 135
5.1.1.1 Cost awareness 136
5.1.1.2 Monitoring of all-in costs 139
5.1.1.3 Employment of a cost management system 140
5.1.1.4 Ability to assess relevance of cost categories 140
5.1.2 Direct versus indirect clearing costs 141
5.1.2.1 Clearing members’ view 142
5.1.2.2 Other interviewee groups’ views 145
5.1.2.3 Conclusions from Figure 5.4 145
5.1.3 Clearing members’ core cost drivers 145
5.1.4 Cost categories revised 150
5.1.4.1 Direct costs 150
5.1.4.2 Cost of capital 151
5.1.4.3 Risk management costs 153
5.1.4.4 Information technology costs 154
5.1.4.5 Back-office costs 156
5.2 Transaction cost analyses 156
5.2.1 Clearing house fees 157
5.2.2 Clearing houses’ volume discount schemes 164
5.2.3 Total European clearing industry costs in 2005 167
5.2.4 Clearing members’ average direct and indirect costs 173
5.2.5 Clearing members’ unit costs 175
5.2.6 Derivatives clearing versus other market infrastructure costs 177
5.2.7 Cost reduction scenarios for clearing members 180
5.2.8 Non-clearing members’ perspectives 185
xii Table of contents

5.2.9 Cost reduction scenarios for non-clearing members 186

5.3 Summary of findings 190
5.3.1 Findings from empirical study 190
5.3.2 Transaction cost analyses – clearing members 191
5.3.3 Transaction cost analyses – non-clearing members 193

6 Exploring theoretical basics – scale effects in clearing 195

6.1 Demand-side scale effects 195
6.1.1 Network effects 197
6.1.1.1 First level (CCP level) network effects 202
6.1.1.1.1 First level network effects: product layer 202
6.1.1.1.2 First level network effects: system layer 207
6.1.1.2 Second level (GCM level) network effects 210
6.1.1.2.1 Second level network effects: product layer 210
6.1.1.2.2 Second level network effects: system layer 211
6.1.1.3 Interrelation between CCP and GCM level network effects 212
6.1.1.4 Spill-over effects of CCP and GCM level network effects 214
6.1.2 Network economic particularities 216
6.1.2.1 Compatibility 216
6.1.2.2 Installed base 218
6.1.2.3 Starting problem 218
6.1.2.4 Innovative ability and lock-in 219
6.2 Supply-side scale effects 220
6.2.1 Economies of scale 223
6.2.2 Economies of scope 226
6.2.3 Clearing houses’ cost structures 228
6.2.4 Cost implications of scale and scope enlargements 231
6.2.5 Preliminary conclusions 234
6.3 Summary of findings 235
6.3.1 Demand-side scale effects 235
6.3.2 Supply-side scale effects 237

7 What theory reveals – framework for efficiency analysis of

network strategies 239
7.1 Scale Impact Matrix 242
7.1.1 Analysis of network strategies’ supply-side scale effects 243
7.1.2 Analysis of network strategies’ demand-side scale effects 246
7.1.2.1 Impact on CCP and GCM level network sizes 246
7.1.2.2 Network economic particularities 247
xiii Table of contents

7.1.2.2.1 Installed base 248

7.1.2.2.2 Starting problem 249
7.1.2.2.3 Lock-in 251
7.1.2.2.4 Growth potential 253
7.1.2.3 Potential for network effects 254
7.1.2.4 Potential to internalise GCM level network effects 256
7.1.2.5 Net positive network effects 257
7.2 Transaction Cost Impact Matrix and Efficiency Impact Matrix 258
7.2.1 Transaction Cost Impact Matrix (TCIM) 258
7.2.1.1 TCIM for regionally active clearing members 261
7.2.1.2 TCIM for regionally-to-globally active clearing members 263
7.2.1.3 TCIM for globally active clearing members 265
7.2.2 Efficiency Impact Matrix 267
7.3 Business Model Impact Matrix (BMIM) 268
7.3.1 BMIM for regionally active clearing members 269
7.3.2 BMIM for regionally-to-globally active clearing members 270
7.3.3 BMIM for globally active clearing members 272
7.4 Preliminary findings – impact of network strategies on efficiency 275
7.4.1 Scale Impact Matrix 276
7.4.2 Transaction Cost Impact Matrix 276
7.4.3 Efficiency Impact Matrix 277
7.4.4 Business Model Impact Matrix 278
7.4.5 Summary of impact 279

8 Checking theory against reality – case studies of network strategies 285

8.1 The clearing link study 286
8.1.1 Findings from the empirical study 287
8.1.1.1 Cross-margining agreements: general benefits and constraints 287
8.1.1.2 Clearing links: general benefits and constraints 291
8.1.1.3 Suitability of clearing links to integrate European clearing 296
8.1.2 Case study: Eurex Clearing and The Clearing Corporation 300
Part I: Introduction 301
8.1.2.1 Profiles of the partnering clearing houses 301
8.1.2.1.1 Eurex Clearing 301
8.1.2.1.2 The Clearing Corporation 303
8.1.2.2 Background and objectives of the initiative 306
8.1.2.3 Concept and structure of the initiative 310
8.1.2.4 Status of the initiative 312
Part II: Analysis 313
xiv Table of contents

8.1.2.5 Interviewees’ assessment of the case study 313

8.1.2.6 Scale Impact Matrix 315
8.1.2.6.1 Analysis of supply-side scale effects 316
8.1.2.6.2 Analysis of demand-side scale effects 319
8.1.2.6.2.1 Impact on network sizes 320
8.1.2.6.2.2 Network economic particularities 323
8.1.2.6.2.3 Network effects 325
8.1.2.6.2.4 Internalisation of GCM level network effects 327
8.1.2.6.2.5 Net positive network effects 328
8.1.2.6.3 Overview Scale Impact Matrix 328
8.1.2.7 Transaction Cost Impact Matrix and Efficiency Impact Matrix 330
8.1.2.7.1 TCIM for regionally active clearing members 331
8.1.2.7.2 TCIM for regionally-to-globally active clearing members 332
8.1.2.7.3 TCIM for globally active clearing members 334
8.1.2.7.4 Efficiency Impact Matrix 336
8.1.2.8 Business Model Impact Matrix 337
8.1.2.8.1 BMIM for regionally active clearing members 337
8.1.2.8.2 BMIM for regionally-to-globally active clearing members 338
8.1.2.8.3 BMIM for globally active clearing members 340
8.1.3 Summary of findings – impact of clearing links on efficiency 342
8.1.3.1 Scale Impact Matrix 343
8.1.3.2 Transaction Cost Impact Matrix 344
8.1.3.3 Efficiency Impact Matrix 344
8.1.3.4 Business Model Impact Matrix 344
8.2 The merger study 345
8.2.1 Case study: the London Clearing House and Clearnet 346
Part I: Introduction 347
8.2.1.1 Profile of the partnering clearing houses 347
8.2.1.1.1 The London Clearing House 347
8.2.1.1.2 Clearnet 349
8.2.1.2 Background and objectives of the initiative 351
8.2.1.3 Concept and structure of the initiative 354
8.2.1.4 Status of the initiative 359
Part II: Analysis 362
8.2.1.5 Interviewees’ assessment of the case study 362
8.2.2 Summary of findings – impact of mergers and acquisitions
on efficiency 370
8.2.2.1 Scale Impact Matrix – supply-side scale effects 370
8.2.2.2 Scale Impact Matrix – demand-side scale effects 371
xv Table of contents

8.2.2.3 Transaction Cost Impact Matrix 372

8.2.2.4 Efficiency Impact Matrix 373
8.2.2.5 Business Model Impact Matrix 373
8.3 The single central counterparty study 375
Part I: Introduction 375
8.3.1 Background and objectives of the initiative 375
Part II: Analysis 377
8.3.2 Findings from the empirical study 377
8.3.2.1 Single European CCP: potential benefits and constraints 378
8.3.2.2 Suitability of a single CCP to integrate European clearing 383
8.3.3 Summary of findings – impact of a single CCP on efficiency 386
8.3.3.1 Scale Impact Matrix – supply-side scale effects 386
8.3.3.2 Scale Impact Matrix – demand-side scale effects 387
8.3.3.3 Transaction Cost Impact Matrix 387
8.3.3.4 Efficiency Impact Matrix 388
8.3.3.5 Business Model Impact Matrix 388
8.4 Final assessment – impact of network strategies on efficiency 389
8.4.1 Clearing links 389
8.4.2 Mergers and acquisitions 390
8.4.3 Single CCP 391

9 Quantifying the efficiency impact – European network strategies 393

9.1 Total European industry costs 393
9.1.1 Efficiency impact of clearing links 394
9.1.2 Efficiency impact of a single CCP 395
9.2 European clearing members’ average costs 398
9.2.1 Efficiency impact of clearing links 399
9.2.2 Efficiency impact of a single CCP 401
9.3 Summary 403
9.3.1 Total European industry costs 403
9.3.2 European clearing members’ average costs 404

10 Introducing the future network economy – development of the

clearing industry 406
10.1 Future development of the European clearing industry 406
10.1.1 Recommendation for European derivatives clearing 407
10.1.2 Application of findings to cash equities clearing 413
10.1.3 Competitive dynamics in the European clearing industry 414
10.1.4 Reconcilability of findings with the Code of Conduct 416
xvi Table of contents

10.1.5 Who should link to whom 417

10.1.5.1 Zero concentration 419
10.1.5.2 Zone concentration 419
10.1.5.3 Lane concentration 419
10.1.6 Structural changes in the Value Provision Network 420
10.2 European clearing in a global context 423
10.3 Summary 424
10.3.1 Future development of the European clearing industry 424
10.3.2 European clearing in a global context 427

11 Summary, discussion and recommendations for future research 428

11.1 Summary of research results 428
11.1.1 Chapter 2 – Setting the stage – definitions and industry setting 428
11.1.2 Chapter 3 – Defining the core issues – efficiency and network strategies 429
11.1.3 Chapter 4 – Collecting empirical insights – introduction to the
empirical study 430
11.1.4 Chapter 5 – Analysing costs of derivatives clearing – transaction
cost studies 430
11.1.5 Chapter 6 – Exploring theoretical basics – scale effects in clearing 431
11.1.6 Chapter 7 – What theory reveals – framework for efficiency analysis of
network stategies 432
11.1.7 Chapter 8 – Checking theory against reality – case studies of network
strategies 433
11.1.8 Chapter 9 – Quantifying the efficiency impact – European network
strategies 434
11.1.9 Chapter 10 – Introducing the future network economy – development
of the clearing industry 435
11.2 Discussion and recommendations for future research 436

Appendices 441
Bibliography 500
Index 527
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