We develop a tractable continuous time model of multifirm capital dynamics in a centrally cleared market. Our framework jointly models the strategic interactions between business operations of firms and their trading activities. We show that the endogenous allocation of firm capital between trading and operations can be recovered as the unique fixed point of a system of quadratic equations. Our model predicts that (a) there exists a convex relationship between equilibrium margins and firm capital in the cross‐section, (b) market collateral demand is positively correlated with size concentration, and (c) size concentration is expected to increase over time. Using proprietary data on bilateral credit default swap exposures, we provide evidence that the convexity prediction is both economically and statistically significant and validate our model assumption that firms hedge excess risks.

中文翻译：

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集中清算市场中的企业资本动态

我们开发了集中清算市场中多公司资本动态的易处理的连续时间模型。我们的框架共同为企业的业务运营与其贸易活动之间的战略互动建模。我们表明，可以将企业资本在交易和运营之间的内生分配作为二次方程系统的唯一不动点来恢复。我们的模型预测，（a）横断面的均衡保证金与公司资本之间存在凸关系，（b）市场抵押需求与规模集中成正相关，并且（c）规模集中预期随时间增加。使用有关双边信用违约掉期风险的专有数据，