RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach Equation (4)

c m,t + p m,t s m,t ( p m,t + f m,t ) s m,t1 + A m,t MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaam4yamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaOGaey4kaSIaamiCamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaOGaam4CamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaOGaeyizIm6aaeWaaeaacaWGWbWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaGccqGHRaWkcaWGMbWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaaakiaawIcacaGLPaaacaWGZbWaaSbaaSqaaiaad2gacaGGSaGaamiDaiabgkHiTiaaigdaaeqaaOGaey4kaSIaamyqamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaaaa@57A0@