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The pitfalls of central clearing in the presence of systematic risk (Working Paper)

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 /_   _//   / _ \\   |  _ \\    / _ \\   /_   _//  /_   _// 
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   | ||    | \_/ ||  | .  //   | \_/ ||   _| ||     _| ||_  
   |_||     \___//   |_|\_\\    \___//   /__//     /_____// 
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