RDP 2013-12: Central Counterparty Links and Clearing System Exposures Equation

Y U = N ( σ 1 N − 1 2 π + σ 2 N − 1 2 π ) = ( σ 1 + σ 2 ) N N − 1 2 π MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaaeaaaaaaaaa8 qacaWGzbWaaSbaaSqaaiaadwfaaeqaaOGaeyypa0JaamOtamaabmaa baWaaSaaaeaacqaHdpWCdaWgaaWcbaGaaGymaaqabaGcdaGcaaqaai aad6eacqGHsislcaaIXaaaleqaaaGcbaWaaOaaaeaacaaIYaGaeqiW dahaleqaaaaakiabgUcaRmaalaaabaGaeq4Wdm3aaSbaaSqaaiaaik daaeqaaOWaaOaaaeaacaWGobGaeyOeI0IaaGymaaWcbeaaaOqaamaa kaaabaGaaGOmaiabec8aWbWcbeaaaaaakiaawIcacaGLPaaacqGH9a qpdaqadaqaaiabeo8aZnaaBaaaleaacaaIXaaabeaakiabgUcaRiab eo8aZnaaBaaaleaacaaIYaaabeaaaOGaayjkaiaawMcaamaalaaaba GaamOtamaakaaabaGaamOtaiabgkHiTiaaigdaaSqabaaakeaadaGc aaqaaiaaikdacqaHapaCaSqabaaaaaaa@5B3E@