Central clearing and CDS market quality
通过双重差分法分析自愿中央清算对CDS市场质量的影响，发现中央清算改善了流动性、价格信息含量及CDS与股票市场的整合，但对价格波动的影响不明确。
This paper contributes to the literature on the impact of central clearing on financial market quality. Focusing on the CDS market, a difference‐in‐differences analysis is performed to identify effects of voluntary central clearing of contracts on ICECC and ICECE. Patterns of market quality proxies are compared before and after central clearing initiation. We conclude that central clearing improves liquidity, price informativeness and precision, and also the integration of the CDS and stock markets. Results are inconclusive for the impact on CDS price volatility.