Abstract
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 language | English |
---|---|
Pages (from-to) | 305-321 |
Number of pages | 17 |
Journal | Journal of Economic Policy Reform |
Volume | 25 |
Issue number | 3 |
Early online date | 10 Jul 2021 |
DOIs | |
Publication status | Published - 3 Jul 2022 |
Keywords
- derivatives
- finance
- clearing houses
- central counterparties
- international standards
- GLOBAL FINANCIAL GOVERNANCE