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Chamber risk of central counterpart have become one of the most important structural pillars of the financial markets in the world, both stand as a central counterparty for all transactions in capital markets and some OTC, establish schedules for operating the highly weighted Systems Robust Risk Management. This paper aims to outline the structure of this system, emphasizing on how to model the risk that these institutions take in pursuit of its objects. In this sense, the establishment of margins is established as a critical step and function of a schematic approach that integrates securities risk, stress scenarios, the most recent behavior of volatility, collateral formation, and the financial capacity of operators to settle its obligations on time. As a result, the margin / collateral, and limits on open positions is the end product of a Risk Management System to guarantee the integrity of the market. [ABSTRACT FROM AUTHOR]

The development of transactional platforms, has enabled the study of ever larger financial markets from the intraday perspective. However, we found a problem of high frequency data: the accumulation of microeconomic-noise. The following document develops, based on the methodology of Bandi and Russell 2002 and Barndorff-Nielsen and Shephard 2002, a theoretical and practical framework for tackling the problems of microeconomic noise in the estimation of diary volatility in the market for USP / COP. The conclusions of the paper point to an optimal intraday sampling spacing for 10 minutes. [ABSTRACT FROM AUTHOR]