RBA paper supports CCP interoperability


Links between central counterparties (CCPs) should reduce members' aggregate exposure to risk, according to a research discussion paper published by the Reserve Bank of Australia today.

In Europe's cash equity markets, a participant in one CCP can clear its trades in a given product at any other "linked" CCP. This is known as interoperability.

In Central Counterparty Links and Clearing System Exposures, Nathanael Cox, Nicholas Garvin and Gerard Kelly say this could reduce risk by allowing

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