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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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