Disentangling derivatives: international policy reforms concerning central counterparties

L. Quaglia*, A. Spendzharova

*Corresponding author for this work

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After the 2008 financial crisis, international policy reforms were adopted on various aspects of derivatives markets, highlighting the need for precise and consistent rules. We examine the making of international rules concerning the resilience, recovery and resolution of central counterparties (CCPs), which form acritical global financial infrastructure. We argue that regulators played an important role in setting relatively precise and consistent international standards on CCPs over time. Facing common challenges, such as market fragmentation and interlinkages between issues, fostered a problem-solving approach in transgovernmental networks. We also identify the policy coordination tools used by regulators.

Original languageEnglish
Pages (from-to)305-321
Number of pages17
JournalJournal of Economic Policy Reform
Issue number3
Early online date10 Jul 2021
Publication statusPublished - 3 Jul 2022


  • derivatives
  • finance
  • clearing houses
  • central counterparties
  • international standards

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