Doktorarbeit: International Regulatory Measures for OTC Derivatives Markets Within the Strengthened International Financial Regulatory Framework

International Regulatory Measures for OTC Derivatives Markets Within the Strengthened International Financial Regulatory Framework

- in englischer Sprache -

Schriften zum Bank- und Kapitalmarktrecht, Band 30

Hamburg , 274 Seiten

ISBN 978-3-339-11320-7 (Print)
ISBN 978-3-339-11321-4 (eBook)

Zum Inhalt

This study addresses international regulatory measures for OTC derivatives adopted at the G20 Pittsburgh summit in 2009. The regulatory measures represent a collective response by regulators to the challenges posed by these financial instruments in particular and by the global financial crisis in general.

However, the adopted international regulatory measures initially construed to capture risks associated with OTC derivatives, like for e.g. counterparty credit risk and liquidity risk, are not free of any risks either, and thus could pose new challenges to the global financial system. In particular, the specific financial market infrastructure (due to the concentration of credit risks and operational risks) could endanger the whole financial system. At the same time, these financial market infrastructures normally dispose of a number of risk management tools to block development of risks and safeguard efficient provision of clearing and trade repository services to OTC derivatives markets. Whereas the G20 regulatory measures are being implemented worldwide as political commitments of G20 states and monitored within the monitoring mechanisms of the Financial Stability Board, implementation of the risk management standards for trade repositories and central clearing counterparties incorporated in the Principles for Financial Market Infrastructures is subject to monitoring by the CPMI and IOSCO as their designers and to IMF/World Bank’s FSAP/ROSC monitoring. Although both sets of regulatory measures are interrelated and should be viewed as an integrated regulatory framework, there is obvious fragmentation in the monitoring framework.

The present work was finalized in May 2015 and publicly defended as dissertation in December 2017. The original version of the dissertation was revised, partially shortened and amended with respect to the regulatory developments of the recent years.

Ihr Werk im Verlag Dr. Kovač

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