The Experts below are selected from a list of 255 Experts worldwide ranked by ideXlab platform
David Thesmar - One of the best experts on this subject based on the ideXlab platform.
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systemic risk in Clearing Houses evidence from the european repo market
Journal of Financial Economics, 2017Co-Authors: Charles Boissel, Francois Derrien, Evren Ors, David ThesmarAbstract:Abstract We study how crises affect Central Clearing Counterparties (CCPs). We focus on a large and safe segment of the CCP-cleared repo market during the Eurozone sovereign debt crisis. We develop a simple model to infer CCP stress, which is measured as repo rates’ sensitivity to sovereign credit default swaps (CDS) spreads and jointly captures (1) the effectiveness of haircut policies, (2) CCP-member default risk (conditional on sovereign default), and (3) CCP default risk (conditional on both sovereign and CCP-member default). During 2011, repo rates strongly respond to sovereign risk, particularly for Greece, Italy, Ireland, Portugal and Spain (GIIPS): Repo investors behaved as if the conditional probability of CCP default was substantial.
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systemic risk in Clearing Houses evidence from the european repo market
2015Co-Authors: Charles Boissel, Francois Derrien, Evren Ors, David ThesmarAbstract:How do crises affect Central Clearing Counterparties (CCPs)? We focus on CCPs that clear and guarantee a large and safe segment of the repo market during the Eurozone sovereign debt crisis. We start by developing a simple framework to infer CCP stress, which can be measured through the sensitivity of repo rates to sovereign CDS spreads. Such sensitivity jointly captures three effects: (1) the effectiveness of the haircut policy, (2) CCP member default risk (conditional on sovereign default) and (3) CCP default risk (conditional on both sovereign and CCP member default). The data show that, during the sovereign debt crisis of 2011, repo rates strongly respond to movements in sovereign risk, in particular for GIIPS countries, indicating significant CCP stress. Our model suggests that repo investors behaved as if the conditional probability of CCP default was very large. JEL Classification: E58, E43, G01, G21
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systemic risk in Clearing Houses evidence from the european repo market
2015Co-Authors: Charles Boissel, Francois Derrien, Evren Ors, David ThesmarAbstract:How do crises affect Central Clearing Counterparties (CCPs)? We focus on CCPs that clear and guarantee a large and safe segment of the repo market during the Eurozone sovereign debt crisis. We start by developing a simple framework to infer CCP stress, which can be measured through the sensitivity of repo rates to sovereign CDS spreads. Such sensitivity jointly captures three effects: (1) the effectiveness of the haircut policy, (2) CCP member default risk (conditional on sovereign default) and (3) CCP default risk (conditional on both sovereign and CCP member default). The data show that, during the sovereign debt crisis of 2011, repo rates strongly respond to movements in sovereign risk, in particular for GIIPS countries, indicating significant CCP stress. Our model suggests that repo investors behaved as if the conditional probability of CCP default was very large.
Gert Matthijs - One of the best experts on this subject based on the ideXlab platform.
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Dealing with patent fragmentation in ICT and genetics: Patent pools and Clearing Houses
First Monday, 2007Co-Authors: Geertrui Van Overwalle, Esther Van Zimmeren, Birgit Verbeure, Gert MatthijsAbstract:Recent years have shown a remarkable increase of patents in the field of ICT and genetics. The omnipresence of patents in those areas has raised serious concerns about access to and use of ICT and genome related inventions, as the expansion of patents in those fields might result in a patent thicket. Collaborative licensing models, such as patent pools and Clearing Houses, have attracted great attention, as they might serve as a mechanism to deal with patent thickets in ICT and genetics and facilitate access to ICT and genomic patents. It remains to be seen to what extent the lessons from the collaborative rights experiments in ICT and genetics, can be applied in a cyberinfrastructure setting.
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A Clearing house for diagnostic testing: the solution to ensure access to and use of patented genetic inventions?
Bulletin of the World Health Organization, 2006Co-Authors: Esther Van Zimmeren, Birgit Verbeure, Gert Matthijs, Geertrui Van OverwalleAbstract:In genetic diagnostics, the emergence of a so-called "patent thicket" is imminent. Such an overlapping set of patent rights may have restrictive effects on further research and development of diagnostic tests, and the provision of clinical diagnostic services. Currently, two models that may facilitate access to and use of patented genetic inventions are attracting much debate in various national and international fora: patent pools and Clearing Houses. In this article, we explore the concept of Clearing Houses. Several types of Clearing Houses are identified. First, we describe and discuss two types that would provide access to information on the patented inventions: the information Clearing house and the technology exchange Clearing house. Second, three types of Clearing Houses are analysed that not only offer access to information but also provide an instrument to facilitate the use of the patented inventions: the open access Clearing house, the standardized licences Clearing house and the royalty collection Clearing house. A royalty collection Clearing house for genetic diagnostic testing would be the most comprehensive as it would serve several functions: identifying patents and patent claims essential to diagnostic testing, matching licensees with licensors, developing and supplying standardized licences, collecting royalties, monitoring whether users respect licensing conditions, and providing dispute resolution services such as mediation and arbitration. In this way, it might function as an effective model for users to facilitate access to and use of the patented inventions. However, it remains to be seen whether patent holders with a strong patent portfolio will be convinced by the advantages of the royalty collection Clearing house and be willing to participate.
Geertrui Van Overwalle - One of the best experts on this subject based on the ideXlab platform.
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Dealing with patent fragmentation in ICT and genetics: Patent pools and Clearing Houses
First Monday, 2007Co-Authors: Geertrui Van Overwalle, Esther Van Zimmeren, Birgit Verbeure, Gert MatthijsAbstract:Recent years have shown a remarkable increase of patents in the field of ICT and genetics. The omnipresence of patents in those areas has raised serious concerns about access to and use of ICT and genome related inventions, as the expansion of patents in those fields might result in a patent thicket. Collaborative licensing models, such as patent pools and Clearing Houses, have attracted great attention, as they might serve as a mechanism to deal with patent thickets in ICT and genetics and facilitate access to ICT and genomic patents. It remains to be seen to what extent the lessons from the collaborative rights experiments in ICT and genetics, can be applied in a cyberinfrastructure setting.
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A Clearing house for diagnostic testing: the solution to ensure access to and use of patented genetic inventions?
Bulletin of the World Health Organization, 2006Co-Authors: Esther Van Zimmeren, Birgit Verbeure, Gert Matthijs, Geertrui Van OverwalleAbstract:In genetic diagnostics, the emergence of a so-called "patent thicket" is imminent. Such an overlapping set of patent rights may have restrictive effects on further research and development of diagnostic tests, and the provision of clinical diagnostic services. Currently, two models that may facilitate access to and use of patented genetic inventions are attracting much debate in various national and international fora: patent pools and Clearing Houses. In this article, we explore the concept of Clearing Houses. Several types of Clearing Houses are identified. First, we describe and discuss two types that would provide access to information on the patented inventions: the information Clearing house and the technology exchange Clearing house. Second, three types of Clearing Houses are analysed that not only offer access to information but also provide an instrument to facilitate the use of the patented inventions: the open access Clearing house, the standardized licences Clearing house and the royalty collection Clearing house. A royalty collection Clearing house for genetic diagnostic testing would be the most comprehensive as it would serve several functions: identifying patents and patent claims essential to diagnostic testing, matching licensees with licensors, developing and supplying standardized licences, collecting royalties, monitoring whether users respect licensing conditions, and providing dispute resolution services such as mediation and arbitration. In this way, it might function as an effective model for users to facilitate access to and use of the patented inventions. However, it remains to be seen whether patent holders with a strong patent portfolio will be convinced by the advantages of the royalty collection Clearing house and be willing to participate.
Charles Boissel - One of the best experts on this subject based on the ideXlab platform.
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systemic risk in Clearing Houses evidence from the european repo market
Journal of Financial Economics, 2017Co-Authors: Charles Boissel, Francois Derrien, Evren Ors, David ThesmarAbstract:Abstract We study how crises affect Central Clearing Counterparties (CCPs). We focus on a large and safe segment of the CCP-cleared repo market during the Eurozone sovereign debt crisis. We develop a simple model to infer CCP stress, which is measured as repo rates’ sensitivity to sovereign credit default swaps (CDS) spreads and jointly captures (1) the effectiveness of haircut policies, (2) CCP-member default risk (conditional on sovereign default), and (3) CCP default risk (conditional on both sovereign and CCP-member default). During 2011, repo rates strongly respond to sovereign risk, particularly for Greece, Italy, Ireland, Portugal and Spain (GIIPS): Repo investors behaved as if the conditional probability of CCP default was substantial.
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systemic risk in Clearing Houses evidence from the european repo market
2015Co-Authors: Charles Boissel, Francois Derrien, Evren Ors, David ThesmarAbstract:How do crises affect Central Clearing Counterparties (CCPs)? We focus on CCPs that clear and guarantee a large and safe segment of the repo market during the Eurozone sovereign debt crisis. We start by developing a simple framework to infer CCP stress, which can be measured through the sensitivity of repo rates to sovereign CDS spreads. Such sensitivity jointly captures three effects: (1) the effectiveness of the haircut policy, (2) CCP member default risk (conditional on sovereign default) and (3) CCP default risk (conditional on both sovereign and CCP member default). The data show that, during the sovereign debt crisis of 2011, repo rates strongly respond to movements in sovereign risk, in particular for GIIPS countries, indicating significant CCP stress. Our model suggests that repo investors behaved as if the conditional probability of CCP default was very large. JEL Classification: E58, E43, G01, G21
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systemic risk in Clearing Houses evidence from the european repo market
2015Co-Authors: Charles Boissel, Francois Derrien, Evren Ors, David ThesmarAbstract:How do crises affect Central Clearing Counterparties (CCPs)? We focus on CCPs that clear and guarantee a large and safe segment of the repo market during the Eurozone sovereign debt crisis. We start by developing a simple framework to infer CCP stress, which can be measured through the sensitivity of repo rates to sovereign CDS spreads. Such sensitivity jointly captures three effects: (1) the effectiveness of the haircut policy, (2) CCP member default risk (conditional on sovereign default) and (3) CCP default risk (conditional on both sovereign and CCP member default). The data show that, during the sovereign debt crisis of 2011, repo rates strongly respond to movements in sovereign risk, in particular for GIIPS countries, indicating significant CCP stress. Our model suggests that repo investors behaved as if the conditional probability of CCP default was very large.
Esther Van Zimmeren - One of the best experts on this subject based on the ideXlab platform.
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Dealing with patent fragmentation in ICT and genetics: Patent pools and Clearing Houses
First Monday, 2007Co-Authors: Geertrui Van Overwalle, Esther Van Zimmeren, Birgit Verbeure, Gert MatthijsAbstract:Recent years have shown a remarkable increase of patents in the field of ICT and genetics. The omnipresence of patents in those areas has raised serious concerns about access to and use of ICT and genome related inventions, as the expansion of patents in those fields might result in a patent thicket. Collaborative licensing models, such as patent pools and Clearing Houses, have attracted great attention, as they might serve as a mechanism to deal with patent thickets in ICT and genetics and facilitate access to ICT and genomic patents. It remains to be seen to what extent the lessons from the collaborative rights experiments in ICT and genetics, can be applied in a cyberinfrastructure setting.
-
A Clearing house for diagnostic testing: the solution to ensure access to and use of patented genetic inventions?
Bulletin of the World Health Organization, 2006Co-Authors: Esther Van Zimmeren, Birgit Verbeure, Gert Matthijs, Geertrui Van OverwalleAbstract:In genetic diagnostics, the emergence of a so-called "patent thicket" is imminent. Such an overlapping set of patent rights may have restrictive effects on further research and development of diagnostic tests, and the provision of clinical diagnostic services. Currently, two models that may facilitate access to and use of patented genetic inventions are attracting much debate in various national and international fora: patent pools and Clearing Houses. In this article, we explore the concept of Clearing Houses. Several types of Clearing Houses are identified. First, we describe and discuss two types that would provide access to information on the patented inventions: the information Clearing house and the technology exchange Clearing house. Second, three types of Clearing Houses are analysed that not only offer access to information but also provide an instrument to facilitate the use of the patented inventions: the open access Clearing house, the standardized licences Clearing house and the royalty collection Clearing house. A royalty collection Clearing house for genetic diagnostic testing would be the most comprehensive as it would serve several functions: identifying patents and patent claims essential to diagnostic testing, matching licensees with licensors, developing and supplying standardized licences, collecting royalties, monitoring whether users respect licensing conditions, and providing dispute resolution services such as mediation and arbitration. In this way, it might function as an effective model for users to facilitate access to and use of the patented inventions. However, it remains to be seen whether patent holders with a strong patent portfolio will be convinced by the advantages of the royalty collection Clearing house and be willing to participate.