Keskusvastapuolien

Keskusvastapuolien refers to central counterparties (CCPs) in the financial markets. A central counterparty is a financial institution that acts as an intermediary between buyers and sellers in a transaction, typically in derivative markets. By stepping in as the buyer to every seller and the seller to every buyer, the CCP mitigates counterparty risk, which is the risk that one party in a contract will default on their obligations.

CCPs play a crucial role in ensuring the stability and efficiency of financial markets. They achieve this by clearing and settling trades, which involves matching trades, calculating net obligations, and processing payments and deliveries. This process reduces the number of individual exposures between market participants, as everyone now has a contract with the CCP instead of with numerous other parties.

To manage the risks associated with its position, a CCP typically requires collateral from its clearing members. This collateral can take the form of cash, securities, or other assets. In the event of a default by a clearing member, the CCP can use this collateral to cover its losses. Furthermore, CCPs often maintain a default fund, a pool of resources contributed by clearing members, which acts as a further layer of protection against systemic risk. The establishment and regulation of CCPs are significant components of post-financial crisis reforms aimed at enhancing financial stability.