RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach Equation (6)

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=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGabm4yayaaiaWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaGccqGHRaWkcaWGWbWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaGcceWGZbGbaGaadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaakiabgsMiJoaabmaabaGaamiCamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaOGaey4kaSIaamOzamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaaGccaGLOaGaayzkaaGabm4CayaaiaWaaSbaaSqaaiaad2gacaGGSaGaamiDaiabgkHiTiaaigdaaeqaaOGaey4kaSIabmyqayaaiaWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaaaaa@57DC@