RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach Equation (14)

D F t = 1 2 ∫ 0 1 λ m λ ¯ 𝔼 t { 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 min( Z,[ y m,t+1 − f m,t+1 ] ) ) +( 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 min( Z,[ f m,t+1 − y m,t+1 ] ) ) } dm MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@C710@