Clearing Competition On The Horizon?

摘要

The U.S. market is likely to witness competition in the clearing business for the first time in the nearly 40 years since the National Securities Clearing Corporation (NSCC) was formed - but new competitors will have difficulty matching the value offered by NSCC in reducing counterparty risk, according to new research from TABB Group. "The potential competitors are a mix of horizontal and vertical models and ownership structures that includes existing utilities, exchanges, clearing entities or quite possibly a combination of two or all three," Robert lati, a TABB partner and global head of consulting, explained in a release announcing the research. European entities also are among the potential competitors, lati added, "since they're eyeing the clearing space as new fodder for their businesses." According to lati, the U.S. financial markets industry has reaped benefits from the single-entity industry utility model, which is centered around the NSCC, a central counterparty that provides centralized clearance, settlement and information services for virtually all broker-to-broker equity, corporate bond and municipal bond, exchange-traded funds, and unit investment trust (UIT) trades in the U.S.