2008 December 1

Jours fixes take place on the first monday of the month, starting at 5:00 p.m., in the House of Finance (Campus Westend).

[Michael Chlistalla, E-Finance Lab]

European clearing houses are today facing competition on their home markets for the first time. In order to meet this new challenge, the management of a clearing house needs to identify its stakeholders and their interests and must define a strategy including financial and non-financial aims. We introduce the Balanced Scorecard as a funded and holistic approach for the management of a clearing house. The Balanced Scorecard is a well-established management tool as it integrates financial and non-financial perspectives. However, little attention has been given to its theoretical and conceptual valuation. We illustrate how the stakeholder value theory corresponds with the concept of the BSC. For the European clearing industry we present a three-phased approach how to extend Kaplan and Norton's original concept. We modify the generic BSC by adding risk management as a separate perspective and by integrating competition and IT. Based on multiple case studies, we validate the suitability of the modified BSC to meet the specifics of the clearing industry.