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RBA Glossary definition for CCP

CCP – Central counterparty

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CCP Links and Exposure

31 Dec 2013 RDP 2013-12
Nathanael Cox, Nicholas Garvin and Gerard Kelly
one between the buyer and its CCP, and one between the two CCPs. ... Figure 1: Unlinked and Linked CCPs. However, CCP links also generate exposures that could pose financial stability risks.
https://www.rba.gov.au/publications/rdp/2013/2013-12/ccp-links-cs-exposures.html

Central Counterparty Links and Clearing System Exposures

28 Oct 2013 RDP 2013-12
Nathanael Cox, Nicholas Garvin and Gerard Kelly
central clearing, financial markets, financial stability, interest rates, money, payments. Links between central counterparties (CCPs) enable participants to clear positions in any linked CCP without needing to maintain multiple CCP memberships.
https://www.rba.gov.au/publications/rdp/2013/2013-12.html

Extensions

31 Dec 2013 RDP 2013-12
Nathanael Cox, Nicholas Garvin and Gerard Kelly
While this would reduce participants' CCP membership costs, in reality participants may still choose to remain members of both CCPs even after interoperability is introduced. ... 2. foreign participants join both CCPs; they then consolidate their
https://www.rba.gov.au/publications/rdp/2013/2013-12/extensions.html

Results

31 Dec 2013 RDP 2013-12
Nathanael Cox, Nicholas Garvin and Gerard Kelly
We use this exposure-netting ratio, R, to assess the effect of linking CCPs on aggregate CCP exposure. ... Under these arrangements, the link enables a choice of CCP for a product that is already cleared by both CCPs.
https://www.rba.gov.au/publications/rdp/2013/2013-12/results.html

Model Framework

31 Dec 2013 RDP 2013-12
Nathanael Cox, Nicholas Garvin and Gerard Kelly
The aggregate CCP exposure is calculated by adding all of the expected obligations that the CCPs have to their participants. ... All positions between participants using different CCPs go through the link, creating inter-CCP exposures.
https://www.rba.gov.au/publications/rdp/2013/2013-12/model-framework.html

Central Counterparty Links and Clearing System Exposures

1 Oct 2013 RDP 2013-12
Nathanael Cox, Nicholas Garvin and Gerard Kelly
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/2013/2013-12/

Conclusion

31 Dec 2013 RDP 2013-12
Nathanael Cox, Nicholas Garvin and Gerard Kelly
Download the Paper 3.32. MB. We have explored, through a stylised model, how CCP links affect aggregate CCP exposure. ... To the extent that collateral requirements reflect underlying exposures, this implies that CCP links can economise on collateral.
https://www.rba.gov.au/publications/rdp/2013/2013-12/conclusion.html

Introduction

31 Dec 2013 RDP 2013-12
Nathanael Cox, Nicholas Garvin and Gerard Kelly
This in turn suggests that interoperability is unlikely to increase CCP participants' collateral requirements, relative to participating in markets with multiple CCPs that are not linked. ... is maximised when participants of linked CCPs concentrate
https://www.rba.gov.au/publications/rdp/2013/2013-12/introduction.html