Search: Close-out netting

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RBA Glossary definition for Close-out netting

Close-out netting – An arrangement to settle all contracted but not yet due liabilities to, and claims on, an institution by a single payment, immediately upon the occurrence of one of a list of defined events such as the appointment of a liquidator to that institution.

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Introduction

1 Dec 1994 RDP 9409
Marianne Gizycki and Brian Gray
the legal issue is the extent to which such close-out netting contracts are enforceable at law. ... Where such laws exist, close-out netting would have little meaning since, for the failed company, only favourable contracts would be recognised.
https://www.rba.gov.au/publications/rdp/1994/9409/introduction.html
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The Foreign Exchange Market and Central Counterparties

10 Mar 2010 Bulletin – March 2010
Mark Manning, Alex Heath and James Whitelaw
parameters for the management of this replacement-cost risk through bilateral (close-out) netting and margin requirements. ... Bilateral payment and close-out netting under ISDA Master Agreements is common market practice in the foreign exchange market
https://www.rba.gov.au/publications/bulletin/2010/mar/8.html

Data and Exposure Analysis

29 Sep 2015 RDP 2015-02
Alexandra Heath, Gerard Kelly and Mark Manning
The future regulatory minimum in non-centrally cleared settings is ten days, reflecting the likelihood that it will be more difficult to close out positions in a decentralised setting than via ... Initial margin again increases with the assumed closeout
https://www.rba.gov.au/publications/rdp/2015/2015-02/data-exposure-analysis.html
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The Model

22 Nov 2016 RDP 2016-07
James Hansen and Angus Moore
For instance: we do not consider how networks affect the structure of risk and the efficiency of netting arrangements (e.g. ... Both have occurred in recent practice: SwapClear was able to close out the Lehman Brothers portfolio in 2008 without exceeding
https://www.rba.gov.au/publications/rdp/2016/2016-07/model.html
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Model Framework

31 Dec 2013 RDP 2013-12
Nathanael Cox, Nicholas Garvin and Gerard Kelly
For participants i and j, let. represent the net obligation of i to j in product k that could accrue in the future over the close-out period. ... For a close-out period similar in length to the frequency over which variation margining is calculated,.
https://www.rba.gov.au/publications/rdp/2013/2013-12/model-framework.html
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OTC Derivatives Reforms and the Australian Cross-currency Swap Market

24 Jun 2013 Bulletin – June 2013
Ivailo Arsov, Greg Moran, Ben Shanahan and Karl Stacey
Reforms to improve the management of counterparty credit risk in over-the-counter (OTC) derivatives markets are underway globally. A key pillar of the reforms is the migration of these markets to central counterparties (CCPs), while higher capital
https://www.rba.gov.au/publications/bulletin/2013/jun/7.html

CCPs and Banks: Different Risks, Different Regulations

17 Dec 2015 Bulletin – December 2015
David Hughes and Mark Manning
Recent debate on the adequacy of regulatory standards for central counterparties (CCPs) has often drawn on the experience of bank regulation. This article draws out the essential differences between CCPs and banks, considering the implications of
https://www.rba.gov.au/publications/bulletin/2015/dec/8.html

Recovery and Resolution of Central Counterparties

19 Dec 2013 Bulletin – December 2013
Matt Gibson
The increasing importance of central counterparties (CCPs) to financial stability has prompted regulators to take steps to ensure that critical CCP services can continue in circumstances of financial distress. These steps include ensuring that CCPs
https://www.rba.gov.au/publications/bulletin/2013/dec/5.html

Traded-Debt Securities

1 Dec 1994 RDP 9408
Stephanie Weston and Brian Gray
Implicit in this approach is the assumption that a banks will suffer losses incurred over a month before acting to close out positions or taking other action to minimise losses. ... The counter argument to this is that in many instances, traders do not
https://www.rba.gov.au/publications/rdp/1994/9408/traded-deb-securities.html
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Submission to the Inquiry into the Corporations and Financial Sector Legislation Amendment Bill 2013 | Financial Sector | Submissions

1 Apr 2013 Submissions
This course of action will often be preferable, on both client protection and systemic risk grounds, to the alternative of close out of such positions. ... The proposed amendments to the. Payment Systems and Netting Act 1998.
https://www.rba.gov.au/publications/submissions/financial-sector/inquiry-corporations-and-financial-sector-legislation-amendment-bill-2013.html