Abstract
International regime complexity has become a prominent feature of the global economy and world politics. The international governance of derivatives markets is a notable case of this phenomenon in finance because a variety of post-crisis rules have been issued by a multitude of international standard-setting bodies. By combining the regime complexity and orchestration frameworks, we explain the precision and scope of international standards for derivatives trade reporting. We show how a collective orchestrator (the Group of Twenty) and a hub intermediary (the Financial Stability Board) managed regime complexity through the orchestration of the available intermediaries. We also seek to refine the orchestration framework by explaining how the mechanism of issue de-linkage can be used to manage the partly diverging goals among states within the collective orchestrator. Our findings are relevant for the global regulation and governance of other policy areas characterised by a multiplicity of actors and interlinked issues, such as trade, energy, and environmental policy.
Original language | English |
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Pages (from-to) | 588-602 |
Number of pages | 15 |
Journal | Regulation & Governance |
Volume | 16 |
Issue number | 2 |
Early online date | 2 Jan 2021 |
DOIs | |
Publication status | Published - Apr 2022 |
Keywords
- INTERNATIONAL INSTITUTIONS
- LINKAGE
- POLITICS
- POWER
- SUPPORT
- derivatives
- financial regulation
- international standard setting
- orchestration
- regime complexity
- regime complexity; orchestration; international standards; financial regulation; derivatives
- GOVERNANCE