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Download OTC Derivatives: Bilateral Trading and Central Clearing: An by David Murphy PDF

By David Murphy

The OTC derivatives marketplace has been hit by way of an immense wave of regulatory swap. Capital and margin specifications have elevated, exchange reporting has been mandated, and execution mechanisms are evolving. such a lot of all, valuable clearing is being imposed for lots of transactions.

OTC Derivatives: Bilateral buying and selling and valuable Clearing explains the hot ideas and the recent types. It discusses the normal bilateral industry, then units out how this may swap because of vital imperative clearing and the recent ways that OTC derivatives must be traded, suggested, and processed. the hazards of OTC derivatives clearing homes are mentioned intimately, as are the protections that CCPs have opposed to those hazards. The publication additionally seems to be at choices to a few of the coverage judgements which have been made, exhibiting the stability among bills and merits of varied diversified ways to derivatives industry balance. The e-book is either an in depth primer on OTC derivatives clearing and a strong perception into post-crisis monetary regulation.

Key gains of the booklet include:

• A dialogue of the capital ideas for OTC derivatives counterparty credits hazard in Basel III;
• An account of OTC derivatives alternate processing in either bilateral and cleared markets;
• an in depth account of the chance profile of OTC derivatives CCPs;
• an evidence of the hazards run in quite a few collateral segregation types; and
• A comparability of assorted macro-prudential instruments for boosting the monetary balance of OTC derivatives markets.

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Extra info for OTC Derivatives: Bilateral Trading and Central Clearing: An Introduction to Regulatory Policy, Market Impact and Systemic Risk

Example text

Anecdotal evidence from G14 dealers suggest that portfolios of hundreds of thousands of OTC derivatives are not uncommon. All of this suggests that the OTC derivatives market probably consists of high single digit or low teens of millions of trades. 3 How concentrated was the market? Data about the concentration of the OTC derivatives market is patchy, but there are indications that the few biggest market participants together share much of the business. For instance, BIS data suggests that several markets33 met the Department of Justice’s criteria for a concentrated market at end-200734 .

The industry also committed to automating OTC derivatives trade matching. In other words, while the infrastructure supporting OTC derivatives had lagged behind trade volumes and best practice in the early 2000s, the industry had already made substantial improvements by late 2007, and it had a plan (nearly all of which was subsequently executed) to move to a largely electronic market featuring automated trade processing. These issues are discussed further in chapter 7. Summary OTC derivatives trading creates a variety of risks for market participants.

Escalating targets’ for reducing the backlog of confirmations and greater use of electronic trade matching were set out. The industry also committed to automating OTC derivatives trade matching. In other words, while the infrastructure supporting OTC derivatives had lagged behind trade volumes and best practice in the early 2000s, the industry had already made substantial improvements by late 2007, and it had a plan (nearly all of which was subsequently executed) to move to a largely electronic market featuring automated trade processing.

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