(22 mai) Workshop « The economics of central clearing : New directions »
Découvrez le programme complet du workshop qui se déroule le 22 mai à PSE, 48 boulevard Jourdan, 75014 Paris. Salle R2-21, de 10h15 à 17h30. Cet événement a été co-financé par l’ANR.
The economics of central clearing : New directions
Organisateurs : Gabrielle Demange (PSE-EHESS), Thibaut Piquard (PSE & Banque de France), Guillaume Vuillemey (HEC Paris)
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10h15 – 10h45 : Welcome and coffee
10h45 – 11h : Introduction – What data is available for CCP research ? (ESMA)
11h – 11h30 : CCP fragmentation and location policy, Darrell Duffie (Stanford University)
11h30 – 13h : Session 1 – Competition between central clearing counterparties
- Presentation 1 : The industrial organization of CCPs (Gabrielle Demange, Paris School of Economics – with Thibaut Piquard)
- Presentation 2 : Clearing fragmentation and CCP basis (Evangelos Benos, Bank of England – with Albert Menkveld, Michalis Vasios et Wenqian Huang)
- General discussion
13h – 14h : Lunch
14h – 15h30 : Session 2 – Default management by CCPs
- Presentation 1 : Mitigating Fire Sales with Contracts : Theory and Evidence (Guillaume Vuillemey, HEC Paris)
- Presentation 2 : Design of Central Counterparty Default Management Auctions (Wenqian Huang, Bank of International Settlements – with Haoxiang Zhu)
- General discussion
15h30 – 16h : Coffee break
16h – 17h30 : Session 3 – CCPs and financial stability
- Presentation 1 : Do central clearing parties reduce risk on repo markets ? (Stefano Ungaro, Paris School of Economics)
- Presentation 2 : An assessment of CCP resilience (Angela Armakolla, Affiliated Researcher Université Paris 1 Panthéon-Sorbonne and Labex ReFi)
- General discussion