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In Rememberance: World Trade Center (WTC)

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The Economics of Central Clearing: Theory and Practice

by Craig Pirrong of University of Houston

May 23, 2011

Abstract: Regulations requiring the clearing of certain OTC derivatives through central counterparties (CCPs) are causing a profound change in market structure and trading practices. This paper discusses how CCPs are structured and what effects increased use of them will have on the financial system.

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