Clearing Services for Global Markets A Framework for the Future Development of the Clearing Industry_15

499 Appendix 8 r Inthisstudy,highvolumeclearersweredefinedasbeingactiveatalloftheEuropeanclearing houses, i.e. assumed to be direct members of Eurex Clearing, LCH.Clearnet, OMX, MEFF and CC&G. Highvolumeclearerswereassumednottohaveapreferenceforutilisingtheiroriginalhome country clearing house as their central clearing house for access to the markets cleared by Eurex Clearing, LCH.Clearnet, OMX, MEFF and CC&G. For the purpose of this calculation, these clearers were instead assumed to have based their decisiononvariousfactors,includingtheclearinghouses’fixedcosts,servicelevels,technical andriskmanagementstandards,etc.Itwasthusnotassumedthathighvolumeclearerswould automatically select the European CCP with the lowest fixed charges as their central clearing provider. All European high volume clearers were thus assumed to incur the fixed clearing house charges related to a membership at Eurex Clearing/LCH.Clearnet, which could imply a suboptimal solution for a number of high volume clearers. Reductions of variable clearing house charges were not accounted for. Basedontheresultingfigureoftotalclearinghousechargesperclearingmembertype,figures for the remaining cost categories per high volume clearing member type were calculated. Calculation of total European derivatives clearing costs: The total costs for low, medium and high volume clearers are shown in Figures 9.4 and 9.5, whichpresentthetotalEuropeanderivativesclearingcostsin2005thatwouldhaveoccurred under the assumption of an implemented European Single CCP. 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