MetaRegulation of OTC Derivatives Contracts Post Reform

20 Pages Posted: 6 Nov 2009 Last revised: 15 Jun 2012

See all articles by Siona Robin Listokin

Siona Robin Listokin

George Mason University - School of Policy, Government, and International Affairs; George Mason University - Schar School of Policy and Government

Date Written: November 4, 2009

Abstract

This paper examines the possible regulatory arrangements for the over-the-counter derivatives market post financial reforms in the US and Europe. The interaction of the industry and the agencies since the passage of legislation points to a probable “meta-regulation” for the bilateral derivative contracts market. This type of process-oriented regulation relies on enforced industry self-regulation, and participant organizations are expected to identify and control risks with the support and evaluation of outside monitors. The paper highlights an instance of coordination between regulators and the swaps industry by examining the “confirmations backlogs” issue in the OTC market that occurred before the financial crisis. The paper fills a gap in the literature about non-traditional governance structures for the derivatives markets following the financial crisis.

Keywords: Financial Regulation, Self-Regulation, Derivatives

JEL Classification: D2,G18, G28, L00

Suggested Citation

Listokin, Siona Robin and Listokin, Siona Robin, MetaRegulation of OTC Derivatives Contracts Post Reform (November 4, 2009). Available at SSRN: https://ssrn.com/abstract=1499964 or http://dx.doi.org/10.2139/ssrn.1499964

Siona Robin Listokin (Contact Author)

George Mason University - Schar School of Policy and Government ( email )

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3351 Fairfax Drive, MS 3B1
Arlington, VA 22201
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George Mason University - School of Policy, Government, and International Affairs ( email )

Founders Hall
3351 Fairfax Dr.
Arlington, VA 22201
United States

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