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499 Appendix 8 Thanh toán bù trừ tạo thành phần cốt lõi của một cơ sở hạ tầng thị trường tài chính hoạt động trơn tru và hiệu quả. Theo truyền thống, nó đã được cung cấp bởi các nhà thanh toán bù trừ, phần lớn mà ngày nay hoạt động như một đối tác trung ương (ĐCSTQ) giữa hai bên thương mại. Sự tăng trưởng nhanh chóng của kinh doanh qua biên giới đã gây ra cuộc thảo luận về cơ cấu ngành công nghiệp hiệu quả nhất - đặc biệt là ở châu Âu và Mỹ r In this study, high. | 499 Appendix 8 In this study high volume clearers were defined as being active at all of the European clearing houses i.e. assumed to be direct members of Eurex Clearing LCH.Clearnet OMX MEFF and CC G. High volume clearers were assumed not to have a preference for utilising their original home country clearing house as their central clearing house for access to the markets cleared by Eurex Clearing LCH.Clearnet OMX MEFF and CC G. For the purpose of this calculation these clearers were instead assumed to have based their decision on various factors including the clearing houses fixed costs service levels technical and risk management standards etc. It was thus not assumed that high volume clearers would automatically select the European CCP with the lowest fixed charges as their central clearing provider. All European high volume clearers were thus assumed to incur the fixed clearing house charges related to a membership at Eurex Clearing LCH.Clearnet which could imply a suboptimal solution for a number of high volume clearers. Reductions of variable clearing house charges were not accounted for. Based on the resulting figure of total clearing house charges per clearing member type figures for the remaining cost categories per high volume clearing member type were calculated. Calculation of total European derivatives clearing costs The total costs for low medium and high volume clearers are shown in Figures 9.4 and 9.5 which present the total European derivatives clearing costs in 2005 that would have occurred under the assumption of an implemented European Single CCP. In summary the calculation of the efficiency impact of European clearing links and a single European CCP falls short of reflecting the full scope of changes in the composition of the all-in clearing costs that could be expected to occur under a European clearing link or a single European CCP initiative. Taking all of these potential changes into account would certainly affect the magnitude of the .
