RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach Equation (19)

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 [ − D ˜ p m,t +M( y m,t ) f m,t +( 1−M( y m,t ) ) y m,t ( y m,t )max( 0,Z−[ y m,t − f m,t ] ) −( 1− D ˜ ( y m,t ) )Z ] s ˜ m,t−1 + A ˜ m,t MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaaceWGJbGbaGaadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaakiabgUcaRiaadchadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaakiqadohagaacamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaOGaeyOeI0Iaeq4UdW2aaSbaaSqaaiaad2gaaeqaaOGabm4CayaaiaWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaGccaWGAbGaey4kaSIaeq4UdW2aaSbaaSqaaiaad2gaaeqaaOGaamiraiaadAeadaWgaaWcbaGaamiDaaqabaGccqGHKjYOdaqadaqaaiaaigdacqGHsislcqaH7oaBdaWgaaWcbaGaamyBaaqabaaakiaawIcacaGLPaaadaqadaqaaiaadchadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaakiabgUcaRiaadAgadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaaaOGaayjkaiaawMcaaiqadohagaacamaaBaaaleaacaWGTbGaaiilaiaadshacqGHsislcaaIXaaabeaaaOqaaiabgUcaRiabeU7aSnaaBaaaleaacaWGTbaabeaakmaadmaabaGaeyOeI0IabmirayaaiaqbaeaabmqaaaqaaiaadchadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaakiabgUcaRiaad2eadaqadaqaaiaadMhadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaaaOGaayjkaiaawMcaaiaadAgadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaakiabgUcaRmaabmaabaGaaGymaiabgkHiTiaad2eadaqadaqaaiaadMhadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaaaOGaayjkaiaawMcaaaGaayjkaiaawMcaaiaadMhadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaaaOqaamaabmaabaGaamyEamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaaGccaGLOaGaayzkaaGaciyBaiaacggacaGG4bWaaeWaaeaacaaIWaGaaiilaiaadQfacqGHsisldaWadaqaaiaadMhadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaakiabgkHiTiaadAgadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaaaOGaay5waiaaw2faaaGaayjkaiaawMcaaaqaaiabgkHiTmaabmaabaGaaGymaiabgkHiTiqadseagaacamaabmaabaGaamyEamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaaGccaGLOaGaayzkaaaacaGLOaGaayzkaaGaamOwaaaaaiaawUfacaGLDbaaceWGZbGbaGaadaWgaaWcbaGaamyBaiaacYcacaWG0bGaeyOeI0IaaGymaaqabaGccqGHRaWkceWGbbGbaGaadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaaaaaa@B910@