Get the balance right: private rights and public policy in the post-crisis regime for OTC derivatives | Zendy

Jo Braithwaite | Zendy; David Murphy | Zendy

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Get the balance right: private rights and public policy in the post-crisis regime for OTC derivatives

Author(s) -

Jo Braithwaite,

David Murphy

Publication year - 2017

Publication title -

capital markets law journal

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.341

H-Index - 7

eISSN - 1750-7227

pISSN - 1750-7219

DOI - 10.1093/cmlj/kmx033

Subject(s) - derivatives market , financial crisis , context (archaeology) , business , hybridity , margin (machine learning) , balance (ability) , scrutiny , financial system , state (computer science) , accounting , economics , finance , political science , law , medicine , sociology , anthropology , physical medicine and rehabilitation , macroeconomics , futures contract , algorithm , paleontology , machine learning , biology , computer science

The reforms introduced since the 2008 financial crisis have left the OTC derivatives market in a state of hybridity, governed by elements of private and public law and with a wide-ranging set of stakeholders. \udThis article explores the implications of this hybridity for the ongoing debate about the recovery and resolution of central counterparties (CCPs) and for rule-making in this area.\udA conflict of rights analysis is applied to five key policy questions (around framing the rules; tear-up; the resolution trigger; the creditor safeguard and the role of equity holders) and potential legal challenges are explored. On this basis, we propose a set of recommendations for the future regime governing CCP recovery and resolution

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