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Running the World's MarketsThe Governance of Financial Infrastructure$
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Ruben Lee

Print publication date: 2011

Print ISBN-13: 9780691133539

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691133539.001.0001

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CCPs and CSDs

CCPs and CSDs

Chapter:
(p.201) Chapter Seven CCPs and CSDs
Source:
Running the World's Markets
Author(s):

Ruben Lee

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691133539.003.0008

This chapter presents a series of case studies illustrating how some specific central counterparties (CCPs), and central securities depositories (CSDs) have been governed in particular contexts. The following institutions and contexts are described in turn: the relationship between the Canadian Depository for Securities' owners, its users, and board directors from the company's inception to 2008; the establishment of European Central Counterparty Limited by Depository Trust and Clearing Corporation over the period 2000–2002; the creation of Clearstream International by Deutsche Börse over the period 1999–2002; some aspects of how Euroclear was governed regarding its creation, ownership, and board structure up until 2006; and the creation of LCH.Clearnet and some difficulties it faced over the period 2003–6. A few brief general lessons from each case study are also identified.

Keywords:   central counterparties, central securities depositories, financial regulation, Canadian Depository for Securities, European Central Counterparty Limited, Depository Trust and Clearing Corporation, Clearstream International, Deutsche Börse, Euroclear, LCH.Clearnet

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