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Vol 21 No 10 Oct/Nov 2016

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OTC Derivatives: Bilateral Trading and Central Clearing: An Introduction to Regulatory Policy, Market Impact and Systemic Risk


ISBN13: 9781137293855
Published: August 2013
Publisher: Palgrave Scholarly
Country of Publication: UK
Format: Hardback
Price: £42.50



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The OTC derivative market has been hit by a massive wave of regulatory change. Capital and margin requirements have increased, trade reporting has been mandated, and execution mechanisms are evolving. Most of all, central clearing is being imposed for many transactions.

OTC Derivatives explains the new rules and the new models. It discusses the traditional bilateral market, then sets out how this will change due to central clearing and the new ways in which OTC derivatives will be traded. The risks of OTC derivatives clearing houses are discussed in detail, as are the protections that CCPs have against these risks. We also look at alternatives to some of the policy decisions, showing the balance between different costs and benefits of various approaches to derivatives market stability.

The book is both a detailed primer on OTC derivatives clearing and a powerful insight into post-crisis financial regulation.

Subjects:
Banking and Finance
Contents:
PART I: UNDERSTANDING BILATERAL RELATIONSHIPS
1. Over-the-Counter Derivatives and Repurchase Agreements
2. Bilateral Relationships
3. Risks in Bilateral Relationships
4. Bilateral Relationships in the Crisis

PART II
5. The New Model
6. Relationships in a Trilateral World
7. Risks
8. Design Choices and Financial Stability
9. The Future