RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach Equation (13)

CC P P,t+1 = ∫ 0 1 λ m { M( y m,t+1 )( s m,t y m,t+1 + s ˜ m,t f m,t+1 − D ˜ ( y m,t+1 ) s ˜ m,t max( 0,Z−[ y m,t+1 − f m,t+1 ] ) −( 1− D ˜ ( y m,t+1 ) ) s ˜ m,t Z+ s m,t Z ) +( 1−M( y m,t+1 ) )( s m,t f m,t+1 + s ˜ m,t y m,t+1 +D( y m,t+1 ) s m,t max( 0,Z−[ f m,t+1 − y m,t+1 ] ) +( 1−D( y m,t+1 ) ) s m,t Z− s ˜ m,t Z ) }dm MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@F53E@