Regulation And Supervision Of The Otc Derivatives Market

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Regulation and Supervision of the OTC Derivatives Market

Ligia Catherine Arias-Barrera
Regulation and Supervision of the OTC Derivatives Market Book PDF

Author : Ligia Catherine Arias-Barrera
Publisher : Routledge
Page : 280 pages
File Size : 40,7 Mb
Release : 2018-05-11
Category : Business & Economics
ISBN : 9781351797719

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Regulation and Supervision of the OTC Derivatives Market by Ligia Catherine Arias-Barrera Pdf

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

David Murphy
OTC Derivatives Bilateral Trading and Central Clearing Book PDF

Author : David Murphy
Publisher : Springer
Page : 298 pages
File Size : 45,9 Mb
Release : 2013-08-07
Category : Business & Economics
ISBN : 9781137293862

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OTC Derivatives: Bilateral Trading and Central Clearing by David Murphy Pdf

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.

The Effective Regulation of the Over-the-counter Derivatives Market

United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
The Effective Regulation of the Over the counter Derivatives Market Book PDF

Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher : Unknown
Page : 212 pages
File Size : 52,6 Mb
Release : 2009
Category : Derivative securities
ISBN : UOM:39015090417711

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The Effective Regulation of the Over-the-counter Derivatives Market by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises Pdf

Regulating Financial Derivatives

Alexandra G. Balmer
Regulating Financial Derivatives Book PDF

Author : Alexandra G. Balmer
Publisher : Edward Elgar Publishing
Page : 256 pages
File Size : 48,6 Mb
Release : 2018-06-29
Category : Law
ISBN : 9781788111928

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Regulating Financial Derivatives by Alexandra G. Balmer Pdf

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

Mr.Jens Nystedt
Derivative Market Competition Book PDF

Author : Mr.Jens Nystedt
Publisher : International Monetary Fund
Page : 49 pages
File Size : 44,7 Mb
Release : 2004-04-01
Category : Business & Economics
ISBN : 9781451848205

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Derivative Market Competition by Mr.Jens Nystedt Pdf

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.

Modern Banking and OTC Derivatives Markets

Mr.R. Sean Craig,Mr.Burkhard Drees,Mr.Charles Frederick Kramer,Mr.Garry J. Schinasi
Modern Banking and OTC Derivatives Markets Book PDF

Author : Mr.R. Sean Craig,Mr.Burkhard Drees,Mr.Charles Frederick Kramer,Mr.Garry J. Schinasi
Publisher : INTERNATIONAL MONETARY FUND
Page : 0 pages
File Size : 42,7 Mb
Release : 2001-01-09
Category : Business & Economics
ISBN : 1557759995

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Modern Banking and OTC Derivatives Markets by Mr.R. Sean Craig,Mr.Burkhard Drees,Mr.Charles Frederick Kramer,Mr.Garry J. Schinasi Pdf

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.

Recommendations for Central Counterparties

Group of Ten. Committee on Payment and Settlement Systems
Recommendations for Central Counterparties Book PDF

Author : Group of Ten. Committee on Payment and Settlement Systems
Publisher : Unknown
Page : 80 pages
File Size : 48,7 Mb
Release : 2004
Category : Clearing of securities
ISBN : IND:30000116787171

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Recommendations for Central Counterparties by Group of Ten. Committee on Payment and Settlement Systems Pdf

Making OTC Derivatives Safe—A Fresh Look

Mr.Manmohan Singh
Making OTC Derivatives Safe A Fresh Look Book PDF

Author : Mr.Manmohan Singh
Publisher : International Monetary Fund
Page : 24 pages
File Size : 55,7 Mb
Release : 2011-03-01
Category : Business & Economics
ISBN : 9781455228041

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Making OTC Derivatives Safe—A Fresh Look by Mr.Manmohan Singh Pdf

Recent regulatory efforts, especially in the U.S. and Europe, are aimed at reducing moral hazard so that the next financial crisis is not bailed out by tax payers. This paper looks at the possibility that central counterparties (CCPs) may be too-big-to-fail entities in the making. The present regulatory and reform efforts may not remove the systemic risk from OTC derivatives but rather shift them from banks to CCPs. Under the present regulatory overhaul, the OTC derivative market could become more fragmented. Furthermore, another taxpayer bailout cannot be ruled out. A reexamination of the two key issues of (i) the interoperability of CCPs, and (ii) the cost of moving to CCPs with access to central bank funding, indicates that the proposed changes may not provide the best solution. The paper suggests that a tax on derivative liabilities could make the OTC derivatives market safer, particularly in the transition to a stable clearing infrastructure. It also suggests reconsideration of a "public utility" model for the OTC market infrastructure.

Challenges Posed by OTC Derivatives

Susan M. Phillips
Challenges Posed by OTC Derivatives Book PDF

Author : Susan M. Phillips
Publisher : Unknown
Page : 16 pages
File Size : 46,8 Mb
Release : 1992
Category : Derivative securities
ISBN : UOM:39015058146690

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Challenges Posed by OTC Derivatives by Susan M. Phillips Pdf

Central Counterparties

Jon Gregory
Central Counterparties Book PDF

Author : Jon Gregory
Publisher : John Wiley & Sons
Page : 328 pages
File Size : 51,6 Mb
Release : 2014-06-25
Category : Business & Economics
ISBN : 9781118891582

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Central Counterparties by Jon Gregory Pdf

Practical guidance toward handling the latest changes to the OTC derivatives market Central Counterparties is a practical guide to central clearing and bilateral margin requirements, from one of the industry's most influential credit practitioners. With up-to-date information on the latest regulations imposed after the global financial crisis, this book covers the mechanics of the clearing process and analyses the resulting consequences. Detailed discussion explains the ways in which the very significant clearing and margining rules will affect the OTC derivatives market and the financial markets in general, with practical guidance toward implementation and how to handle the potential consequences. Over-the-counter derivatives were blamed by many for playing a major role in the 2007 financial crisis, resulting in a significant attention and dramatic action by policymakers, politicians, and regulators to reduce counterparty credit risk which was seen as a major issue in the crisis. The two most important regulatory changes are the mandatory clearing of standardised OTC derivatives, and the requirements for bilateral margin posting in non-standard OTC contracts. Central Counterparties is a complete reference guide to navigating these changes, providing clarification and practical advice. Review the mitigation of counterparty credit risk with the historical development of central clearing Clarify the latest regulatory requirements imposed by Dodd-Frank, EMIR, Basel III and more Learn the mechanics of central clearing, with special attention to complex issues such as margin calculations, the loss waterfall, client clearing and regulatory capital rules Gain insight into the advantages and disadvantages of clearing and bilateral margin requirements, and the potential issues that arise As the clearing and margining mandates are phased in, the associated costs will be severe enough to dramatically shift the topology of the financial markets and transform the nature of risk. Central Counterparties provides the information, clarification and expert insight market practitioners need to get up to speed quickly.

Swaps and Off-exchange Derivatives Trading

Eric C. Bettelheim,Helen Parry,William Rees
Swaps and Off exchange Derivatives Trading Book PDF

Author : Eric C. Bettelheim,Helen Parry,William Rees
Publisher : Unknown
Page : 440 pages
File Size : 55,6 Mb
Release : 1996
Category : Business & Economics
ISBN : STANFORD:36105060538670

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Swaps and Off-exchange Derivatives Trading by Eric C. Bettelheim,Helen Parry,William Rees Pdf

Estimating the Costs of Financial Regulation

Mr.Andre Santos,Douglas Elliott
Estimating the Costs of Financial Regulation Book PDF

Author : Mr.Andre Santos,Douglas Elliott
Publisher : International Monetary Fund
Page : 43 pages
File Size : 49,6 Mb
Release : 2012-09-11
Category : Business & Economics
ISBN : 9781475510089

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Estimating the Costs of Financial Regulation by Mr.Andre Santos,Douglas Elliott Pdf

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.