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

R = 1 2 [ 1 + N 1 ′ [ g 2 N 2 ′ + N 2 − N 2 ′ ] + N 2 ( N 1 − N 1 ′ ) + N 2 ′ [ g 2 N 1 ′ + N 1 − N 1 ′ ] + N 1 ( N 2 − N 2 ′ ) N ′ g 2 ( N ′ − 1 ) + N − N ′ + ( N − N ′ ) N − 1 ] MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamOuaiabg2 da9maalaaabaGaaGymaaqaamaakaaabaGaaGOmaaWcbeaaaaGcdaWa daqaaiaaigdacqGHRaWkdaWcaaqaamaakaaabaGaamOtamaaDaaale aacaaIXaaabaaccaGae8NmGikaaOWaamWaaeaacaWGNbWaaWbaaSqa beaacaaIYaaaaOGaamOtamaaDaaaleaacaaIYaaabaGae8NmGikaaO Gaey4kaSIaamOtamaaBaaaleaacaaIYaaabeaakiabgkHiTiaad6ea daqhaaWcbaGaaGOmaaqaaiab=jdiIcaaaOGaay5waiaaw2faaaWcbe aakiabgUcaRmaakaaabaGaamOtamaaBaaaleaacaaIYaaabeaakmaa bmaabaGaamOtamaaBaaaleaacaaIXaaabeaakiabgkHiTiaad6eada qhaaWcbaGaaGymaaqaaiab=jdiIcaaaOGaayjkaiaawMcaaaWcbeaa kiabgUcaRmaakaaabaGaamOtamaaDaaaleaacaaIYaaabaGae8NmGi kaaOWaamWaaeaacaWGNbWaaWbaaSqabeaacaaIYaaaaOGaamOtamaa DaaaleaacaaIXaaabaGae8NmGikaaOGaey4kaSIaamOtamaaBaaale aacaaIXaaabeaakiabgkHiTiaad6eadaqhaaWcbaGaaGymaaqaaiab =jdiIcaaaOGaay5waiaaw2faaaWcbeaakiabgUcaRmaakaaabaGaam OtamaaBaaaleaacaaIXaaabeaakmaabmaabaGaamOtamaaBaaaleaa caaIYaaabeaakiabgkHiTiaad6eadaqhaaWcbaGaaGOmaaqaaiab=j diIcaaaOGaayjkaiaawMcaaaWcbeaaaOqaaiaad6eadaahaaWcbeqa aiab=jdiIcaakmaakaaabaGaam4zamaaCaaaleqabaGaaGOmaaaakm aabmaabaGaamOtaiab=jdiIkabgkHiTiaaigdaaiaawIcacaGLPaaa cqGHRaWkcaWGobGaeyOeI0IaamOtaiab=jdiIcWcbeaakiabgUcaRm aabmaabaGaamOtaiabgkHiTiaad6eacqWFYaIOaiaawIcacaGLPaaa daGcaaqaaiaad6eacqGHsislcaaIXaaaleqaaaaaaOGaay5waiaaw2 faaaaa@8D26@