Regulation and Supervision of the OTC Derivatives Market

ISBN-13: 9781138634787 / Angielski / Twarda / 2018 / 280 str.

Ligia Catherine Arias-Barrera

Opis

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, the largest centre of OTC derivatives transactions, and highlights its 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.

O autorze

Ligia Catherine Arias-Barrera holds a Ph.D. in Law from the University of

Warwick, and an LL.M in Commercial and Corporate Law from Queen Mary

University of London. She is Associate Professor at the School of Law of the

Externado de Colombia University, Private Consultant in Financial Law Services

in Colombia and the UK, and Research Associate at the Ibero-American Institute

for Law and Finance.