Politics of Regime Complexity in International Derivatives Regulation

This book provides the first comprehensive account of post-crisis international regulation of derivatives by combining regime complexity and international political economy literature. It examines the factors that drove international standard-setting,the emergence of international regime complexity,and how it was managed and with what outcomes. The main jurisdictions.jurisdictions played an important role in managing regime complexity,but their effectiveness was constrained by limited domestic coordination. Networks of regulators gathered in international standard-setting bodies deployed a variety of formal and informal coordination tools to deal with regime complexity.

\n Format: Hardback
\n Length: 256 pages
\n Publication date: 13 November 2020
\n Publisher: Oxford University Press
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This book offers a comprehensive exploration of the post-crisis international regulation of derivatives, drawing upon insights from the fields of international relations and international political economy. It addresses three central questions: What factors influenced the development of international standards for derivatives post-crisis? Why did international regime complexity emerge? And how has it been managed and what have been its outcomes?

To answer these questions, the book employs an innovative approach that combines state-centric, transgovernmental, and business-led explanations. It examines a wide range of standards related to derivatives markets, including trading, clearing, and reporting; resilience, recovery, and resolution of central counterparties; capital requirements for bank exposures to central counterparties and derivatives; and margins for derivatives non-centrally cleared.

The study argues that regime complexity in derivatives arose from the multifaceted and interconnected nature of the problems to address, particularly in a policy area without a clear international standard-setter. Despite these challenges, international cooperation led to the establishment of relatively precise, stringent, and consistent rules, although there were variations across standards. The main jurisdictions played a significant role in managing regime complexity, although their effectiveness was constrained by limited domestic coordination.

Networks of regulators gathered in international standard-setting bodies employed various formal and informal coordination tools to navigate the complexities of regime complexity. The financial industry, at times, sought less precise and stringent rules and engaged in venue shopping, while at other times, it advocated for more robust regulations.

Overall, this book provides a valuable contribution to the study of post-crisis international regulation of derivatives, shedding light on the factors that shaped the regulatory landscape and the strategies employed to manage regime complexity. It offers insights into the interplay.

\n Weight: 514g\n
Dimension: 162 x 241 x 23 (mm)\n
ISBN-13: 9780198866077\n \n