Papers by Olga Lewandowska
Journal of Money, Credit and Banking, 2015
Based on a simulation approach, this paper compares different over‐the‐counter (OTC) clearing mod... more Based on a simulation approach, this paper compares different over‐the‐counter (OTC) clearing models regarding their netting efficiency and loss‐concentration implications. The results indicate that the mandatory clearing of all standardized OTC derivatives by a Central Counterparty (CCP) propagated by regulators would significantly decrease systemic risk as compared to existing clearing arrangements only if the multilateral netting benefits of the CCP and loss mutualization are fully attained. Therefore, regulators have to ensure that there is a critical mass of asset classes under mandatory clearing, that broad market participation in the CCP is enabled, and that there is an appropriate client asset protection regime.
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The journal of financial market infrastructures, Mar 1, 2017
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Social Science Research Network, Jul 28, 2020
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Journal of Financial Market Infrastructures, 2018
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The Journal of Financial Market Infrastructures, 2017
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Papers by Olga Lewandowska