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.

摘要

2008 年金融危机后，衍生品市场的各个方面都进行了国际政策改革，突出了对精确和一致规则的需求。我们研究了有关中央对手方 (CCP) 的弹性、恢复和解决的国际规则的制定，这些对手方构成了一个关键的全球金融基础设施。我们认为，随着时间的推移，监管机构在为 CCP 制定相对精确和一致的国际标准方面发挥了重要作用。面对共同的挑战，例如市场分散和问题之间的相互联系，促进了跨政府网络的问题解决方法。我们还确定了监管机构使用的政策协调工具。