Aetienne Sardon has been awarded the Maravon Markets Award 2016

Aetienne Sardon has been awarded the Maravon Markets Award 2016 for the best master thesis. The prize, which is presented by the Maravon GmbH, honors outstanding research papers on financial markets topics. Sardon wrote his master thesis on "The Role of CCPs in Derivatives Clearing - An Analysis of Interoperability" at the Chair of eFinance of Prof. Dr. Peter Gomber. Central Counterparties (CCP) are legal subjects that come in between a buyer and a seller at some trading places and OTC derivative trading platforms. The master thesis describes the risk that is connected to central counterparties themselves and analyzes, based on simulations, how this risk and the structure of market participants change in the light of agreements on interoperability that strengthen the substitutability of clearing services. The prize is worth 1,000 euros.