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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]

This work is undertaken in an analysis of the growth of local public debt market, which has served the government as a mechanism for financing and restructuring of the debt profile, and the local capital market is dynamic and thrives as a source basis of methodologies exist for the valuation of financial assets, the market does not have indexes that meet the principles and purposes of a benchmark. This lack hinders the work of portfolio management, limits the ability of actors to make investment decisions, makes it difficult to analyze and compare the performance of the public debt market, while it undertakes. the development of financial products. So this paper describes the main methodological principles and foundations for the construction of rates of existing debt at the international level, then adjust them to the Colombian case. [ABSTRACT FROM AUTHOR]