RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach Equation (16)

c m,t + p m,t s m,t + λ m s m,t Z+ λ m D F t ≤( 1− λ m )( p m,t + f m,t ) s m,t−1 + λ m [ p m,t +M( y m,t ) y m,t +( 1−M( y m,t ) ) f m,t +D( y m,t )max( 0,Z−[ f m,t − y m,t ] ) +( 1−D( y m,t ) )Z ] s m,t−1 + A m,t MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaacaWGJbWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaGccqGHRaWkcaWGWbWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaGccaWGZbWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaGccqGHRaWkcqaH7oaBdaWgaaWcbaGaamyBaaqabaGccaWGZbWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaGccaWGAbGaey4kaSIaeq4UdW2aaSbaaSqaaiaad2gaaeqaaOGaamiraiaadAeadaWgaaWcbaGaamiDaaqabaGccqGHKjYOdaqadaqaaiaaigdacqGHsislcqaH7oaBdaWgaaWcbaGaamyBaaqabaaakiaawIcacaGLPaaadaqadaqaaiaadchadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaakiabgUcaRiaadAgadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaaaOGaayjkaiaawMcaaiaadohadaWgaaWcbaGaamyBaiaacYcacaWG0bGaeyOeI0IaaGymaaqabaaakeaacqGHRaWkcqaH7oaBdaWgaaWcbaGaamyBaaqabaGcdaWadaqaauaabaqadeaaaeaacaWGWbWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaGccqGHRaWkcaWGnbWaaeWaaeaacaWG5bWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaaakiaawIcacaGLPaaacaWG5bWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaGccqGHRaWkdaqadaqaaiaaigdacqGHsislcaWGnbWaaeWaaeaacaWG5bWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaaakiaawIcacaGLPaaaaiaawIcacaGLPaaacaWGMbWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaaakeaacqGHRaWkcaWGebWaaeWaaeaacaWG5bWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaaakiaawIcacaGLPaaaciGGTbGaaiyyaiaacIhadaqadaqaaiaaicdacaGGSaGaamOwaiabgkHiTmaadmaabaGaamOzamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaOGaeyOeI0IaamyEamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaaGccaGLBbGaayzxaaaacaGLOaGaayzkaaaabaGaey4kaSYaaeWaaeaacaaIXaGaeyOeI0IaamiramaabmaabaGaamyEamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaaGccaGLOaGaayzkaaaacaGLOaGaayzkaaGaamOwaaaaaiaawUfacaGLDbaacaWGZbWaaSbaaSqaaiaad2gacaGGSaGaamiDaiabgkHiTiaaigdaaeqaaOGaey4kaSIaamyqamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaaaaaa@B877@