Publications from cva central covering xva and counterparty risk. Read central counterparties mandatory central clearing and initial margin requirements for otc derivatives by jon gregory available from rakuten kobo. Practical guidance toward handling the latest changes to the otc derivatives market central counterparties is a practica. The global financial crisis, from 2007 onwards, illustrated the inherent weaknesses in the global financial system and some of their causes. Jon gregory is a consultant specialising in counterparty risk and credit derivatives. The book provides a historical perspective of central clearing as it developed with derivative exchanges in order to mitigate counterparty credit risk. Jon gregory provides an excellent and very accessible description of the many complex issues that arise in running a ccp. Mandatory central clearing and initial margin requirements for otc derivatives the wiley finance series by jon gregory isbn. Cva activity is increasing considerably due to the need for banks to accurately quantify and manage the ccr they face through their sizeable and complex overthecounter derivative trading activities. He is author of the book counterparty credit risk and credit value adjustment. With uptodate information on the latest regulations imposed after the global financial crisis, this book covers the mechanics of the clearing. Practical guidance toward handling the latest changes to the otc derivatives market. Jon gregorys new book goes a long way to filling a yawning gap in the literature on ccps. Counterparty credit risk, funding, collateral, and capital is a practical guide from one of the leading and most influential credit practitioners, jon gregory.
Central counterparties jon gregory, central counterparties central counterparties jon gregory jon gregory, central counterparties. Mandatory clearing and bilateral margin requirements for otc. With uptodate information on the latest regulations imposed after the global financial crisis, this book covers the. In what follows, i will consider some general but critical aspects of two of these topics. Counterparty credit risk, funding, collateral, and capital jon gregory in pdf or epub format and read it directly on your mobile phone, computer or any device. Pdf as part of financial market infrastructures, central counterparties ccps have long been deemed systemically important and are likely to. Jul 21, 2014 central counterparties by jon gregory, 97811188915, available at book depository with free delivery worldwide. Central counterparties by jon gregory, 97811188915, available at book depository with free delivery worldwide. There is no better single source from which to learn about every aspect. Central counterparties ccps acted like firewalls during the global financial crisis in 2008.
Central counterparties by jon gregory sample chapter by. Counterparty credit risk and credit value adjustment. Chapter 3 basic principles of central clearing ccps emerged gradually and slowly as a result of experience and experimentation. Mandatory central clearing and initial margin requirements for otc derivatives the wiley finance series by gregory, jon isbn. Dr jon gregory is a partner at solum financial partners llp and specialises in counterparty risk and cva related consulting and advisory projects. Cva under basel iii and ifrs by jon gregory london. Training on central counterparties by vamsidhar ambatipudi. In order to answer this question we will use the framework proposed in eisenberg and noe 2001. Central counterparties ebook by jon gregory rakuten kobo. Counterparty credit risk, the new challenge for global financial markets by jon gregory.
They successfully contained the consequences of the default of lehman brothers international, stopping contagion of losses to spread to other financial institutions active in markets cleared by those ccps. Politicians and regulators have placed great faith in central counterparties ccps to reduce systemic risk and contribute to overall market stability. This is a book that anyone concerned with financial regulation should. Pdf counterparty credit risk and credit value adjustment. How does the introduction of more than one central counterparty a ect systemic risk in a nancial network. Central counterparties by jon gregory sample chapter published on may 28, 2014 one of the leading and most influential credit practitioners delivers the definitive guide to central clearing and. Counterparty credit risk ccr and collateral management. The mitigation of counterparty risk, in particu lar in relation to central clearing, is introduced also.
Counterparty credit risk, funding, collateral, and capital third edition by jon gregory. The first decade of the 21st century has been disastrous for financial institutions, derivatives and risk management. Jun 06, 2014 practical guidance toward handling the latest changes to the otc derivatives market central counterparties is a practical guide to central clearing and bilateral margin requirements, from one of the industrys most influential credit practitioners. Credit risk, jon gregory discusses the future of counterparty risk and addresses topics that have indeed become the future of counterparty risk. Jon gregory this whitepaper was published by the european policy forum epf in september 2010 1 counterparty casino the need to address a systemic risk jon gregory 1 in this paper we discuss counterparty credit risk ccr and credit value adjustment cva from a regulatory. The impact of mandatory clearing and bilateral margin requirements on otc derivatives, both published by wiley finance. A central clearing counterparty ccp, also referred to as a central counterparty, is a financial institution that takes on counterparty credit risk between parties to a transaction and provides clearing and settlement services for trades in foreign exchange, securities, options, and derivative contracts. The politics and practices of central clearing in otc. Central counterparties by jon gregory overdrive rakuten. Lfs counterparty casino the need to address a systemic. Mandatory clearing and bilateral margin requirements for otc derivatives explains the central clearing of otc derivatives and the associated bilateral margin requirements. Counterparty credit risk, funding, collateral, and capital now in its third edition and central counterparties. Central counterparties wiley online books wiley online library.
Jon gregory, independent consultant all delegates will receive a complimentary copy of the wiley 2009 publication. Central counterparties ebook by jon gregory author, isbn. Jun 27, 2014 central counterparties provides the information, clarification and expert insight market practitioners need to get up to speed quickly. Counterparty credit risk, funding, collateral, and capital is a practical guide from one of the leading and most. Central counterparties mandatory clearing and bilateral margin requirements for otc derivatives jon gregory wlley. Author bios dr jon gregory is a partner at solum financial partners llp and specialises in counterparty risk and cva related consulting and advisory projects. Mandatory central clearing and initial margin requirements for otc derivatives book. Central clearing counterparties a ccp imposes itself as the legal counterparty to every trade. In particular overthecounter otc derivatives were blamed by many selection from central counterparties. Everyday low prices and free delivery on eligible orders. Mandatory clearing and bilateral margin requirements for otc derivatives. A detailed, expertdriven guide to todays major financial point of interest the xva challenge.
One mistake i noticed is where gregory states that central counterparties remove credit risk page 14. For the love of physics walter lewin may 16, 2011 duration. It is important to emphasise that in the central clearing of non. In more speci c terms, we wish to make an assessment of the following question. Central counterparties is a practical guide to central clearing and bilateral margin requirements, from one of the industrys most influential credit practitioners. Central clearing counterparties ccp and cva, and at. Lfs counterparty casino the need to address a systemic risk. Ccps are highly regulated institutions that specialize in managing counterparty credit risk. Central counterparties provides the information, clarification and expert insight market practitioners need to get up to speed quickly. The new challenge for global financial markets jon gregory a john wiley and sons, ltd, publication. Jon gregory, phd, is an independent expert specialising in counterparty risk and related aspects. With uptodate information on the latest regulations imposed after the global financial crisis, this book covers the mechanics of the clearing process and analyses the resulting. Most exchangetraded and some overthecounter otc derivatives are cleared and settled through clearinghouses that function as central counterparties.
Basic principles of central clearing central counterparties. Author bios dr jon gregory is a partner at solum financial partners llp and specialises in counterparty risk. Counterparty risk and funding download ebook pdf, epub. Mandatory clearing and bilateral margin requirements for. Practical guidance toward handling the latest changes to the otc derivatives market central counterparties is a practical guide to central clearing and bilateral margin requirements, from one of the industrys most influential credit practitioners. This substitution of the counterparties by the ccp typically occurs through a process known as novation, which discharges the contracts between the original trading. Broadly speaking, clearing represents selection from central counterparties. Background the growth of the credit derivatives market a history of counterparty risk risk mitigation methods. He has worked on many aspects of credit risk in his career, being previously with barclays capital, bnp paribas and citigroup. Counterparty credit risk has become the key element of financial risk management, highlighted by the bankruptcy of the investment bank lehman brothers and failure of other high profile institutions such as bear sterns, aig, fannie mae and freddie mac.
84 303 515 55 1410 1270 936 331 1173 1176 1439 589 1429 584 476 77 930 1118 1061 348 1096 241 252 480 1476 501 30 97 1194 474 757 1394 503 1254 1285 385