Making OTC Derivatives Safe: A Fresh Look
Recent regulatory efforts, especially in the U.S. and Europe, are aimed at reducing moral hazard so that the next financial crisis is not bailed out by tax payers. This paper looks at the possibility that central counterparties (CCPs) may be too-big-to-fail entities in the making. The present regula...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2011
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 11/66 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | Recent regulatory efforts, especially in the U.S. and Europe, are aimed at reducing moral hazard so that the next financial crisis is not bailed out by tax payers. This paper looks at the possibility that central counterparties (CCPs) may be too-big-to-fail entities in the making. The present regulatory and reform efforts may not remove the systemic risk from OTC derivatives but rather shift them from banks to CCPs. Under the present regulatory overhaul, the OTC derivative market could become more fragmented. Furthermore, another taxpayer bailout cannot be ruled out. A reexamination of the two key issues of (i) the interoperability of CCPs, and (ii) the cost of moving to CCPs with access to central bank funding, indicates that the proposed changes may not provide the best solution. The paper suggests that a tax on derivative liabilities could make the OTC derivatives market safer, particularly in the transition to a stable clearing infrastructure. It also suggests reconsideration of a ""public utility"" model for the OTC market infrastructure |
| Beschreibung: | 1 Online-Ressource (22 p) |
| ISBN: | 1455228044 9781455228041 |
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| index_date | 2024-07-03T20:13:25Z |
| indexdate | 2024-07-10T09:35:33Z |
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| series2 | IMF Working Papers |
| spelling | Singh, Manmohan Verfasser aut Making OTC Derivatives Safe A Fresh Look Singh, Manmohan Washington, D.C International Monetary Fund 2011 1 Online-Ressource (22 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 11/66 Recent regulatory efforts, especially in the U.S. and Europe, are aimed at reducing moral hazard so that the next financial crisis is not bailed out by tax payers. This paper looks at the possibility that central counterparties (CCPs) may be too-big-to-fail entities in the making. The present regulatory and reform efforts may not remove the systemic risk from OTC derivatives but rather shift them from banks to CCPs. Under the present regulatory overhaul, the OTC derivative market could become more fragmented. Furthermore, another taxpayer bailout cannot be ruled out. A reexamination of the two key issues of (i) the interoperability of CCPs, and (ii) the cost of moving to CCPs with access to central bank funding, indicates that the proposed changes may not provide the best solution. The paper suggests that a tax on derivative liabilities could make the OTC derivatives market safer, particularly in the transition to a stable clearing infrastructure. It also suggests reconsideration of a ""public utility"" model for the OTC market infrastructure Online-Ausg http://elibrary.imf.org/view/IMF001/11727-9781455228041/11727-9781455228041/11727-9781455228041.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Singh, Manmohan Making OTC Derivatives Safe A Fresh Look |
| title | Making OTC Derivatives Safe A Fresh Look |
| title_auth | Making OTC Derivatives Safe A Fresh Look |
| title_exact_search | Making OTC Derivatives Safe A Fresh Look |
| title_exact_search_txtP | Making OTC Derivatives Safe A Fresh Look |
| title_full | Making OTC Derivatives Safe A Fresh Look Singh, Manmohan |
| title_fullStr | Making OTC Derivatives Safe A Fresh Look Singh, Manmohan |
| title_full_unstemmed | Making OTC Derivatives Safe A Fresh Look Singh, Manmohan |
| title_short | Making OTC Derivatives Safe |
| title_sort | making otc derivatives safe a fresh look |
| title_sub | A Fresh Look |
| url | http://elibrary.imf.org/view/IMF001/11727-9781455228041/11727-9781455228041/11727-9781455228041.xml |
| work_keys_str_mv | AT singhmanmohan makingotcderivativessafeafreshlook |