Regulation And Supervision Of The Otc Derivatives Market
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Regulation And Supervision Of The Otc Derivatives Market
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Author : Ligia Catherine Arias-Barrera
language : en
Publisher: Routledge
Release Date : 2018-05-11
Regulation And Supervision Of The Otc Derivatives Market written by Ligia Catherine Arias-Barrera and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-11 with Business & Economics categories.
The over-the-counter (OTC) derivatives market has captured the attention of regulators after the Global Financial Crisis due to the risk it poses to financial stability. Under the post-crisis regulatory reform the concentration of business, and risks, among a few major players is changed by the concentration of a large portion of transactions in the new market infrastructures, the Central Counterparties (CCPs). This book, for the first time, analyses the regulatory response of the United Kingdom and the United States, the two largest centres of OTC derivatives transactions, and highlights their shortcomings. The book uses a normative risk-based approach to regulation as a methodological lens to analyse the UK regime of CCPs in the OTC derivatives market. It specifically focuses on prudential supervision and conduct of business rules governing OTC derivatives transactions and the move towards enhancing the use of central clearing. The resulting analysis, from a normative risk based approach, suggests that the UK regime for CCPs does not fulfil what would be expected if a coherent risk based approach was taken. Our comments on the Dodd-Frank Act highlight that the incoherent adoption of risk-based approach to regulation affects the effectiveness of the US regime for CCPs. Such a regime does not follow the pace of events of ‘innovation risk’; in particular, the foreseeable changes FinTech will bring to the OTCDM and central clearing services. The second inadequacy of the US regime concerns the dual regulatory structure of the CFTC and the SEC, and the inadequate adoption of different and not well-coordinated regulatory strategies. We also analyse the cross-border implications of the US regime for non-US CCPs that provide clearing services to US market participants. Finally, we study the negative effects of the absence of a clearly defined resolution regime for CCPs.
Otc Derivatives Bilateral Trading And Central Clearing
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Author : David Murphy
language : en
Publisher: Springer
Release Date : 2013-08-07
Otc Derivatives Bilateral Trading And Central Clearing written by David Murphy and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-07 with Business & Economics categories.
After the credit crisis, supervisors enacted a range of financial reforms. In particular, they radically changed the nature of the OTC derivatives market via a number of measures, notably mandatory central clearing. This book discusses the market before the crisis, explains what central clearing is, and outlines the consequences of the new rules.
Regulating Financial Derivatives
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Author : Alexandra G. Balmer
language : en
Publisher: Edward Elgar Publishing
Release Date : 2018-06-29
Regulating Financial Derivatives written by Alexandra G. Balmer and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-29 with Law categories.
This book puts forward a holistic approach to post-crisis derivatives regulation, providing insight into how new regulation has dealt with the risk that OTC derivatives pose to financial stability. It discusses the implications that post crisis regulation has had on central counterparties and the risk associated with clearing of OTC derivatives. The author offers a novel solution to tackle the potential negative externalities from the failure of a central counterparty and identifies potential new risks arising from post crisis reforms.
Derivative Market Competition
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Author : Mr.Jens Nystedt
language : en
Publisher: International Monetary Fund
Release Date : 2004-04-01
Derivative Market Competition written by Mr.Jens Nystedt and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-04-01 with Business & Economics categories.
Recent regulatory initiatives in the United States have again raised the issue of a 'level regulatory and supervisory playing field' and the degree of competition globally between over-the-counter (OTC) derivatives and organized derivative exchange (ODE) markets. This paper models some important aspects of how an ODE market interrelates with the OTC markets. It analyzes various ways in which an ODE market can respond to competition from the OTC markets and considers whether ODE markets would actually benefit from a more level playing field. Among other factors, such as different transaction costs, different abilities to mitigate credit risk play a significant role in determining the degree of competition between the two types of markets. This implies that a potentially important service ODE markets can provide OTC market participants is to extend clearing services to them. Such services would allow the OTC markets to focus more on providing less competitive contracts/innovations and instead customize its contracts to specific investors' risk preferences and needs.
Challenges Posed By Otc Derivatives
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Author : Susan M. Phillips
language : en
Publisher:
Release Date : 1992
Challenges Posed By Otc Derivatives written by Susan M. Phillips and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Derivative securities categories.
Modern Banking And Otc Derivatives Markets
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Author : Mr.R. Sean Craig
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2001-01-09
Modern Banking And Otc Derivatives Markets written by Mr.R. Sean Craig and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-01-09 with Business & Economics categories.
This chapter provides an overview of market practices, market structure, and official supervision and regulation in financial markets. This paper also highlights the key features of modern banking and over the counter (OTC) derivatives markets that seem to be relevant for assessing their functioning, their implications for systemic financial risks in the international financial system, and areas where improvements in ensuring financial stability can be obtained. The paper also describes how OTC derivatives activities have transformed modern financial intermediation and discusses how internationally active financial institutions have become exposed to additional sources of instability because of their large and dynamic exposures to the counterparty (credit) risks embodied in their OTC derivatives activities. In order to rebalance private and official roles, it is essential first to clarify the limits to market discipline in OTC derivatives markets, before leaning more heavily on aspects of market discipline that seem to work well in these markets.
The Effective Regulation Of The Over The Counter Derivatives Market
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Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
language : en
Publisher:
Release Date : 2009
The Effective Regulation Of The Over The Counter Derivatives Market written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Derivative securities categories.
Otc Derivative Markets And Their Regulation
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Author : United States. Commodity Futures Trading Commission
language : en
Publisher:
Release Date : 1993
Otc Derivative Markets And Their Regulation written by United States. Commodity Futures Trading Commission and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Derivative securities categories.
The Clearing Of Euro Otc Derivatives Post Brexit Why A Uniform Regulation And Supervision Of Ccps Is Essential For European Financial Stability
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Author : Volker Brühl
language : en
Publisher:
Release Date : 2018
The Clearing Of Euro Otc Derivatives Post Brexit Why A Uniform Regulation And Supervision Of Ccps Is Essential For European Financial Stability written by Volker Brühl and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
International Convergence Of Capital Measurement And Capital Standards
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Author :
language : en
Publisher: Lulu.com
Release Date : 2004
International Convergence Of Capital Measurement And Capital Standards written by and has been published by Lulu.com this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Bank capital categories.