RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach
Equation
D
F
=
1
2
s
m
𝔼
[
D
˜
(
y
′
m
)
max
(
[
y
′
m
−
f
′
m
]
−
Z
,
0
)
+
D
(
y
′
m
)
max
(
[
f
′
m
−
y
′
m
]
−
Z
,
0
)
]
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