Figure - uploaded by Dorinel Bastide
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shows that both categories are really significant and should therefore be en- compassed in the analysis. Our next task is to clarify the nature of the Radner equilibrium
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For vanilla derivatives that constitute the bulk of investment banks' hedging portfolios, central clearing through central counterparties (CCPs) has become hegemonic. A key mandate of a CCP is to provide an efficient and proper clearing member default resolution procedure. When a clearing member defaults, the CCP can hedge and auction or liquidate...
