Analysis of the International Experience of the Central Counterparty System and the Possibilities of its Implementation in the RA
The study of international experience of central counterparty systems (CCP) and monitoring of current trends in clearing and settlement allow us to conclude that this is one of the main mechanisms for reducing the risks of transactions carried out in the securities market. However, many countries, realizing the need for the CCP system or considering its costs, the volumes of their markets, nevertheless do not form a CCP system or go through the integration of regional CCP systems. Under the instruction of NASDAQ OMX Armenia, as a result of the research conducted by ASUE Amberd research center the experience of transaction systems in the securities market and the central counterparty in Turkey, Lithuania, Latvia, Estonia, Poland, Sweden, Germany, Russia, Kazakhstan and the USA were studied.
Then, international trends related to the central counterparty system in the field of clearing and settlement were studied and summarized.
As a result of studying the experience of a number of countries, a more detailed study of the central counterparty system was conducted to determine the features of the system's operation, paying more attention to regulatory requirements and to the default management system.
Then, the expediency and opportunities of implementing a central counterparty system in the RA were examined.