CLEARING ACTIVITY: USER ACTIVITY MODEL AND COMMERCIAL MODEL
The crises of the second half of the XX - early XXI century showed that the level of development of institutions of the financial market directly depends on how effectively the financial market will perform its fundamental functions. Nevertheless, to date, a unified generally accepted model of the infrastructure of the financial market has not been developed. Institutions in terms of quantitative and qualitative composition, as well as the way of their interaction with each other and with other participants in the financial market vary from jurisdiction to jurisdiction. For example, some clearing houses are user-owned, others are non-user-owned. This study attempts to determine which ownership model is most effective. The results: 1) the user-owned model and the non-user-owned model have different goals of activity; 2) the user-owned model and the non-user-owned model may ultimately make similar decisions regarding risk management; 3) it is impossible to say unequivocally that one ownership model is superior to another (including in terms of risk management); 4) there is no evidence that this or that ownership model is more conducive to the spread of centralized clearing services; 5) there is no evidence that this or that ownership model contributes to the formation of this or that model of integration.