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Journal articles on the topic 'Over the counter derivatives'

Author: Grafiati
Published: 4 June 2021
Last updated: 19 February 2022

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1

Vićić, Marija. "Legal regulation of OTC financial derivatives trading." Strani pravni zivot, no. 2 (2021): 215–30. http://dx.doi.org/10.5937/spz65-30645.

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Author explains legal regulation of OTC financial derivative trading on the leading financial markets (USA and EU) as well as shows uniform regulations developed in international legal environment, and separately explains legal framework of the said question in positive Serbian law. Author elaborates main current legal issues related to financial derivatives transactions on the OTC market to which domestic participants are exposed during the operations in Serbian territory but also in cross-border operations. Finally, the author provides concrete proposals for further improvement of disputable legal issues by amending the regulatory framework in line with comparative legal regulations and regulations developed by the international community. Purpose of this article is to bring the attention of legal experts in Serbia to certain inefficient solutions in currently applicable legal regulations related to financial derivatives on the OTC Market, as well as to serve to legal practice as guidance for practical solving the disputable legal issues in particular transactions which have become frequent also for domestic participants on the capital market.
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2

Hau, Harald, Peter Hoffmann, Sam Langfield, and Yannick Timmer. "Discriminatory Pricing of Over-the-Counter Derivatives." IMF Working Papers 19, no. 100 (2019): 1. http://dx.doi.org/10.5089/9781498303774.001.

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3

Rausser, Gordon, William Balson, and Reid Stevens. "Centralized clearing for over‐the‐counter derivatives." Journal of Financial Economic Policy 2, no. 4 (November 9, 2010): 346–59. http://dx.doi.org/10.1108/17576381011100865.

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4

Dew, James Kurt. "Futures-friendly derivatives: a fix for the over-the-counter derivatives mess." International Journal of Financial Innovation in Banking 1, no. 1/2 (2016): 99. http://dx.doi.org/10.1504/ijfib.2016.076627.

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5

Lin, Li, and Jay Surti. "Capital Requirements for Over-the-Counter Derivatives Central Counterparties." IMF Working Papers 13, no. 3 (2013): 1. http://dx.doi.org/10.5089/9781475535501.001.

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6

주강원. "A Study on Regulation of Over-the-counter Derivatives." Journal of hongik law review 13, no. 1 (February 2012): 709–33. http://dx.doi.org/10.16960/jhlr.13.1.201202.709.

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7

Singh, Manmohan, and Miguel A. Segoviano Basurto. "Counterparty Risk in the Over-The-Counter Derivatives Market." IMF Working Papers 08, no. 258 (2008): 1. http://dx.doi.org/10.5089/9781451871166.001.

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8

Lin, Li, and Jay Surti. "Capital requirements for over-the-counter derivatives central counterparties." Journal of Banking & Finance 52 (March 2015): 140–55. http://dx.doi.org/10.1016/j.jbankfin.2014.08.015.

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9

Smith, Mark R. "Basic Derivatives for the Oil and Gas Company." Alberta Law Review 39, no. 1 (August 1, 2001): 152. http://dx.doi.org/10.29173/alr511.

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This article provides a general overview of some of the basic derivatives available to oil and gas companies. The author begins by defining what a derivative is and briefly summarizing four basic kinds derive, of derivatives. The author offers other examples of derivative products and illustrates how oil and gas companies can design and utilize these products to meet their individual needs. The article includes a discussion of the 1SDA master agreement, which is used for most over-the-counter derivative contracts. As well, the article outlines some of the key regulatory provisions governing and affecting derivatives, with particular emphasis on Alberta.
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10

Chen, Christopher. "Over-the-Counter Derivatives Regulation in Hong Kong and Singapore." Brill Research Perspectives in International Banking and Securities Law 1, no. 4 (February 5, 2019): 1–50. http://dx.doi.org/10.1163/24056936-12340006.

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Abstract In this article, Dr Christopher Chen examines and compares the regulation of over-the-counter derivatives in Hong Kong and Singapore, the two largest international financial centres in Asia Pacific. Dr Chen analyses current or proposed regulations on trade reporting, centralised clearing and mandatory exchange trading mandates regarding OTC derivatives against the backdrop of reforms of international financial regulatory structure after the global financial crisis. The article also relates the reforms in Asia to development in major Western markets such as the U.S., U.K. or European Union. Apart from technical comparison and dissecting of content of rules from different angles, this article also examines the rationale behind those reforms and policy concerns behind Asian adoption of the regulatory mandates prescribed by G20 as well as potential policy concerns (such as competition and extraterritoriality) in a market that is dominated by Western banks.
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11

Agrawal, Anshul. "The Extent of Mitigation of Risks through Regulation of Over-the-Counter (OTC) Derivative Markets in Different Jurisdictions." Christ University Law Journal 3, no. 1 (June 1, 2014): 61–82. http://dx.doi.org/10.12728/culj.4.5.

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Over the last decade dealing with derivative financial instruments (basically forwards, futures, options and combinations of these), particularly in the Over-The- Counter derivatives market has become a central activity for major wholesale banks and financial institutions. Major new regulatory initiatives are under consideration in various jurisdictions and also adopted in some, as a means for increasing transparency and reducing the various types of risks involved in OTC derivative trading. This paper tries to understand the concept of derivatives as a whole. The main aim of the paper will be to analyze the different types of risks that are involved in OTC derivative trading. It will put forward these risks in a manner so as to enable the reader to get an in depth study of the risks in OTC derivative market through qualitative and quantitative research. As mentioned above, this paper will then focus on the regulatory regimes of three major jurisdictions i.e. India, United States and Europe and will conclude that these regulations are sufficiently able to mitigate these risks in their respective jurisdictions. Lastly, certain measures are recommended for different jurisdictions so as to further increase the ambit of sufficiency in mitigating the risks involved.
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12

Bobkov, Kirill A. "Smart contracts in OTC derivatives trading: Legal aspects." Digital Law Journal 1, no. 3 (November 3, 2020): 51–64. http://dx.doi.org/10.38044/2686-9136-2020-1-3-51-64.

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The articles focuses on opportunities and problems connected with implementation of smart contracts into “over-the-counter” derivatives trading. The importance of success of professionals who work on this cannot be underestimated: the volume of “over-the-counter” derivatives market is huge, its automatization and transparency provided by implemented smart contracts could dramatically increase its economic efficiency. In this study, the author aims at answering the following question: what aspects of “over-the-counter” derivatives trading could take a quantum leap because of the implementation of smart contacts and, per contra, what aspects could not benefit from implementation of underlying technologies at all. The author starts with the overview of “over-the-counter” derivatives market, investigates the matter of its internal design, main features and the structure of legal documentation used by market participants. Then the article provides the analysis of smart contract phenomenon, summary of its engineering aspects and difficulties connected with the implementation of smart contracts as a practical matter, including underlying legal issues. The third part is a synthesis of ideas indicated in previous parts. Herein the author examines the perspectives of adoption of smart contracts in “over-the-counter” derivatives trading, identifies the problems that cannot be resolved yet: different parts of legal relations existing between market participants shall be structured in a flexible way and shall be subject to revision under specific conditions. Smart contracts in their turn cannot be considered as a flexible tool and the revision of their terms requires the input from highly experienced specialists that dramatically increases the costs of their implementation and maintenance. As a matter of conclusion, the author gives recommendation to potential developers of smart contacts to implement them only in relation to the automatization of payments and deliveries as at the moment the clearing can be considered as the most appropriate area for the implementation and use of smart contracts.
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13

Singh, Manmohan. "Making the over-the-counter derivatives markets safe: a fresh look." Journal of Financial Market Infrastructures 1, no. 3 (March 2013): 55–69. http://dx.doi.org/10.21314/jfmi.2013.013.

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14

Bardoscia, Marco, Ginestra Bianconi, and Gerardo Ferrara. "Multiplex network analysis of the UK over‐the‐counter derivatives market." International Journal of Finance & Economics 24, no. 4 (October 2019): 1520–44. http://dx.doi.org/10.1002/ijfe.1745.

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15

Schwegler, Stefan, and Suzette Viviers. "Derivatives in South Africa – an empirical investigation." Risk Governance and Control: Financial Markets and Institutions 1, no. 1 (2011): 68–84. http://dx.doi.org/10.22495/rgcv1i1art5.

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This paper, which is the second of a two-part series, presents the empirical findings of testing a number of variables influencing investors’ decisions to use derivatives in their portfolios. Five variables were deemed very important by a sample of 21 experts in the financial services industry in South Africa. These were: the level of information available (including the transparency of price determination); investor’s knowledge of different derivative instruments; investor’s level of risk tolerance; the level of liquidity in the market; and investor’s knowledge of and familiarity with financial markets. Education is required to change negative sentiments regarding derivatives and more regulation is called for, especially in over-the-counter markets.
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16

Jayeola, Olatunji. "Inefficiencies in trade reporting for over-the-counter derivatives: Is blockchain the solution?" Capital Markets Law Journal 15, no. 1 (December 17, 2019): 48–69. http://dx.doi.org/10.1093/cmlj/kmz028.

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17

Matthews, John O., and Cathy A. Rusinko. "Sarbanes–Oxley, dynamic standard setting and the management of over-the-counter derivatives." Derivatives Use, Trading & Regulation 11, no. 1 (June 1, 2005): 75–87. http://dx.doi.org/10.1057/palgrave.dutr.1840008.

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18

Sakurai, Yuji, and Tetsuo Kurosaki. "A simulation analysis of systemic counterparty risk in over-the-counter derivatives markets." Journal of Economic Interaction and Coordination 15, no. 1 (August 26, 2019): 243–81. http://dx.doi.org/10.1007/s11403-019-00260-7.

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19

Stulz, René M. "Credit Default Swaps and the Credit Crisis." Journal of Economic Perspectives 24, no. 1 (February 1, 2010): 73–92. http://dx.doi.org/10.1257/jep.24.1.73.

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Many observers have argued that credit default swaps contributed significantly to the credit crisis. Of particular concern to these observers are that credit default swaps trade in the largely unregulated over-the-counter market as bilateral contracts involving counterparty risk and that they facilitate speculation involving negative views of a firm's financial strength. Some observers have suggested that credit default swaps would not have made the crisis worse had they traded on exchanges. I conclude that credit default swaps did not cause the dramatic events of the credit crisis, that the over-the-counter credit default swaps market worked well during much of the crisis, and that exchange trading has both advantages and costs compared to over-the-counter trading. Though I argue that eliminating over-the-counter trading of credit default swaps could reduce social welfare, I also recognize that much research is needed to understand better and to quantify the social gains and costs of derivatives in general and credit default swaps in particular.
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20

Hull, John. "The changing landscape for derivatives." Journal of Financial Engineering 01, no. 03 (September 2014): 1450021. http://dx.doi.org/10.1142/s2345768614500214.

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This paper describes the changes taking place in derivatives markets as a result of the 2007–2009 credit crisis. It discusses the developments of new platforms for trading, the use of central counterparties for clearing, the role of trade repositories, and the requirements for the posting of collateral. It explains the way in which the over-the-counter and exchange-traded derivatives markets are converging and argues that liquidity is becoming as important as capital to banks in their decision making.
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21

Ipatyev, Ivan R. "Comparative Analysis of Foreign Regulatory Legislation of OTC Derivatives." Economics of Contemporary Russia, no. 2 (July 5, 2021): 115–22. http://dx.doi.org/10.33293/1609-1442-2021-2(93)-115-122.

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The problems associated with existing regulatory initiatives that are meant to eliminate opaque market and with the clearing of over-the-counter derivative instruments. Comprehensively examination of the key similarities and differences between US and EU approaches to regulating the OTC derivatives market. For the study, we used the methods of logical analysis, theoretical generalization and systematization. The main difference between these approaches is the restrictions on commercial banking trade with the separation of derivative trading operations, with the rules of ownership and the establishment of mandatory requirements for exchange trade by central counterparties, as well as with commercial banking. The main similarity is the obligatory clearing of standardized contracts, the scope of derivatives, clearing for consumers and reporting on cleared and uncleaned derivative transactions by almost all financial counterparties. Cross-border clearing is facilitated by two approaches used in the US and the EU, where the legal culture differs from each other. Summing up, we can note that the greatest flexibility in dealing with unforeseen consequences for the regulator is provided by the US approach. At this stage, we have considered an institutional description of the differences and similarities between these approaches to regulating OTC derivatives in order to ensure trade transparency and greater stability.
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22

Omura, Reina, Junko Sowa‐Osako, Chiharu Tateishi, Ayaka Okazaki, Kazuyoshi Fukai, Tsuyoshi Kawakami, Maiko Tahara, and Daisuke Tsuruta. "Allergic contact dermatitis to abietic acid derivatives in an over‐the‐counter hydrocolloid dressing." Contact Dermatitis 82, no. 5 (February 5, 2020): 309–10. http://dx.doi.org/10.1111/cod.13461.

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23

Barbedo, Claudio Henrique, Octávio Bessada Lion, and Jose Valentim Machado Vicente. "Apreçamento de Opções Asiáticas de Taxa de Juros através de um Modelo HJM de Três Fatores." Brazilian Review of Finance 8, no. 1 (April 7, 2010): 9. http://dx.doi.org/10.12660/rbfin.v8n1.2010.1387.

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Pricing interest rate derivatives is a challenging task that has attracted the attention of many researchers in recent decades. Portfolio and risk managers, policymakers, traders and more generally all market participants are looking for valuable information from derivative instruments. We use a standard procedure to implement the HJM model and to price IDI options. We intend to assess the importance of the principal components of pricing and interest rate hedging derivatives in Brazil, one of the major emerging markets. Our results indicate that the HJM model consistently underprices IDI options traded in the over-the-counter market while it overprices long-term options traded in the exchange studied. We also find a direct relationship between time to maturity and pricing error and a negative relation with moneyness.
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24

Vozianov, Kostyantyn. "World trends of derivatives` market development." Socio-Economic Problems of the Modern Period of Ukraine, no. 4(144) (2020): 58–64. http://dx.doi.org/10.36818/2071-4653-2020-4-8.

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Derivatives markets have long ago started to be an important part of the global market in general and international monetary relations in particular. They make the process of risk management more advanced. It helps bringing the global monetary relations to a higher development level. Global trade in derivatives performs the functions of integration of regional capital markets and helps the global economy participants reduce available risks and concentrate on the further development of international trade and monetary relations. Therefore, the derivatives market contributes to reducing the risk level and balancing the international capital flow. Modern world trends in the derivatives’ market development are studied. The structure of the world derivatives market is determined with the separation of its exchange and over-the-counter parts. The instrumental structure of the market is analyzed with the separation of the most popular underlying assets among the derivatives market participants. The author notes that the share of interest rate and foreign exchange derivatives is constantly growing, with an advantage on the side of interest rate derivatives. The paper determines that there is a gradual shift of trade from exchanges to the over-the-counter market in the market of interest derivatives due to the passage of transactions through central counterparties, as well as the growing share of electronic and automatic trading. Analysis of the dynamics of foreign exchange derivatives reveals that contracts increasingly include currencies that do not belong to the top four (USD, EUR, JPY, GBP). At the same time, the US dollar remains the leading currency in operations with interest rate and foreign exchange derivatives. The cross-border operations with derivatives are analyzed. The paper proves that the global nature of the modern derivatives market can be supported by the recognition and implementation of global standards and the cooperation of regulators around the world.
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25

Ivanović, Zoran, and Elvis Mujačević. "FINANCIAL DERIVATIVES - INTEREST RATE SWAP." Tourism and hospitality management 10, no. 3-4 (October 2004): 161–68. http://dx.doi.org/10.20867/thm.10.3-4.12.

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Swap as a portfolio of forward contract is a financial derivative traded on the over-the-counter market. In its basic form, swap is based on the exchange of future cash flows between two market participants in accordance with the agreed terms. The cash flows that are exchanged are the interest payments and in some circumstances even the notional amount, and transactions are carried out in a period of two to thirty years. Swaps first appeared in 80's, and have evolved from back-to-back loans.
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26

Kerkemeyer, Andreas. "A Decade after Lehman: An Assessment of Key Regulatory Responses to the Global Financial Crisis." European Company and Financial Law Review 16, no. 4 (August 8, 2019): 457–83. http://dx.doi.org/10.1515/ecfr-2019-0015.

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In September, 2008, the meltdown of the investment bank Lehman Brothers accelerated the Global Financial Crisis, which affected economies and consumers worldwide. As soon as the Global Financial Crisis broke out, governments and legislators recognized the need for macroprudential reform in order to build a resilient financial system. Today, legislators in every major jurisdiction have finalized almost all major reforms that were envisaged once it had become clear that the crisis was also due to regulatory shortcomings. The reforms especially targeted (over-the-counter) derivatives and the equity base of banks. Following an analysis of the reasons for the Global Financial Crisis and the regulatory failures that contributed to its severity this article will discuss two major legislative responses that intend to make the financial system robust – the establishment of a central dearing obligation for over-the-counter derivatives and the revised Basel Accords on capital requirements for banks.
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27

KRAVTSOVA, Natal'ya I., and Anna D. NIKONOROVA. "Russian stock market: The practice of using credit derivatives." Finance and Credit 27, no. 6 (June 30, 2021): 1416–40. http://dx.doi.org/10.24891/fc.27.6.1416.

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Subject. This article explores the practice of using credit derivatives in the Russian stock market. Objectives. The article aims to identify the problems and advantages of the Russian credit derivatives market, and propose certain improvements concerning this derivatives market segment. Methods. For the study, we used analysis, comparison, and statistical methods. Results. The article describes the problems and advantages of using credit derivatives in the Russian stock market and proposes certain activities to improve this segment of the market. Conclusions. The results obtained can be used by students and university staff to study over-the-counter derivatives. The proposed measures to improve the credit derivatives market can also be applied for practical purposes to improve the legislative framework and develop the market infrastructure.
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28

Janda, Karel, and Gordon Rausser. "Comparing American and European Regulation of Over-the- Counter Derivative Securities." European Financial and Accounting Journal 6, no. 4 (December 1, 2011): 7–19. http://dx.doi.org/10.18267/j.efaj.17.

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29

Zaitsev, O., and A. Olondar. "REVIEW OF THE FUNCTIONING AND DEVELOPMENT OF THE DERIVATIVES MARKET." Vìsnik Sumsʹkogo deržavnogo unìversitetu, no. 3 (2020): 227–38. http://dx.doi.org/10.21272/1817-9215.2020.3-25.

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The article draws attention to a specific market of derivative securities - the derivatives market. At the present stage of development of communication technologies, there is a steady increase in the general trend of direct participation of individuals in financial transactions using electronic platforms. In particular, there is an interest in the participation of Ukrainian citizens in operations on world stock markets. It is emphasized that relatively technically easy access to participation in financial transactions through the use of electronic platforms is currently a potential threat to financial security for the funds of participants in such transactions. This is due to the weak professional training of most domestic financial professionals to assess the capabilities of the derivatives market, as well as to participate in transactions with them. It is emphasized that stock exchange operations on stock markets, purchase and sale of derivatives on electronic platforms, require, along with general, also special knowledge on certain specific areas of economic development and financial relations. From the standpoint of such trends, this review article is proposed. The article provides a brief overview of the functioning of the derivatives market (derivatives) in order to get acquainted with the principles of its operation, as well as with the most common strategies and related terms. The article mentions four main types of derivative contracts: forwards, futures, options and swaps. It is noted that the vast majority of derivative products are valued at five main asset classes: equity, fixed income instrument, commodity, foreign currency and credit event. Mechanisms of trading in derivative securities, which are divided into exchange and over-the-counter, are considered. Historical examples of negative and positive transactions with derivatives are given. The conclusion emphasizes that the economic potential of the stock market of financial derivatives does not appear at the same time as a result of the adoption of legislation. This potential is gradually formed as a set of market opportunities, competitive advantages, means and sources of development of stock exchanges. The formation of the economic potential of the stock market of financial derivatives involves the implementation of a set of coordinated organizational and economic transformations, which are carried out with the active support of regulatory authorities.
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30

Alqahtani, Rubayyi T., Abdullahi Yusuf, and Ravi P. Agarwal. "Mathematical Analysis of Oxygen Uptake Rate in Continuous Process under Caputo Derivative." Mathematics 9, no. 6 (March 22, 2021): 675. http://dx.doi.org/10.3390/math9060675.

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In this paper, the wastewater treatment model is investigated by means of one of the most robust fractional derivatives, namely, the Caputo fractional derivative. The growth rate is assumed to obey the Contois model, which is often used to model the growth of biomass in wastewaters. The characteristics of the model under consideration are derived and evaluated, such as equilibrium, stability analysis, and steady-state solutions. Further, important characteristics of the fractional wastewater model allow us to understand the dynamics of the model in detail. To this end, we discuss several important analyses of the fractional variant of the model under consideration. To observe the efficiency of the non-local fractional differential operator of Caputo over its counter-classical version, we perform numerical simulations.
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31

Daud, Uzma, Qasim Muneer, Javeria Noor, Fahad Raza, and Sarah Khalid. "Mesodermal Dysmorphogenesis of Ginsenosides: An Experimental Study." Journal of Shalamar Medical & Dental College - JSHMDC 1, no. 1 (June 1, 2019): 25–29. http://dx.doi.org/10.53685/jshmdc.v1i1.35.

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Background: The versatile and dynamic activities of Panax Ginseng are attributed to its active components. They are readily available over the counter and are known for their effects as an aphrodisiac & health building; in addition, they are given rather generously during pregnancy, as they are considered virtuous for the baby and mother. Despite its easy availability and excess usage, little is known about its effects on the fetus. The current experimental design was focused towards the lack of differentiation and inhibition of cell growth of mesodermal derivatives inflicted by PanaxGingex. Methods:18 pregnant albino dams were randomly divided into three groups; Group A was control, Group B was Low dose and Group C was labeled as High dose groups. Tissues (bone, kidney and blood) were selected as derivatives of paraxial, intermediate and lateral plate mesoderm respectively and were used for light microscopic study. Results and Conclusion: The light microscopic examination demonstrated extensive apoptosis and an escalation of angiogenesis. Both the histological findings were not only statistically significant but was clearly indicative of dysmorphogenesis. The results of present study raise a finger towards the unsupervised practice of over the counter preparations especially during the vital antenatal period of development.
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32

Yokoi, Aya, Kayoko Suzuki, Masayuki Takahashi, Akiko Yagami, and Kayoko Matsunaga. "Case of allergic contact dermatitis caused by sorbitan derivatives included in an over-the-counter topical medicament." Journal of Dermatology 44, no. 6 (February 2, 2017): e113-e114. http://dx.doi.org/10.1111/1346-8138.13731.

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33

Till, Hilary. "Why haven’t weather derivatives been more successful as futures contracts? A case study." Journal of Governance and Regulation 4, no. 4 (2015): 367–71. http://dx.doi.org/10.22495/jgr_v4_i4_c3_p1.

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Why have some seemingly promising futures contracts not succeeded in the recent past? In this paper, we examine one such example, the weather derivatives market. In two companion working papers, we also analyze two other futures market failures: namely, in the pulp market and in the uranium market. The structure of this paper is as follows. First we provide a brief history of weather derivatives contracts as well as a description of these contracts. Next we review customized over-the-counter (OTC) weather derivatives contracts, as provided by reinsurers, and then we review why futures contracts are not as successful a method of risk transfer. Lastly we describe how weather exposures do not sufficiently match up against the criteria for the successful launch of a futures contract.
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34

Kroszner, Randall S. "Can the Financial Markets Privately Regulate Risk?: The Development of Derivatives Clearinghouses and Recent over-the-Counter Innovations." Journal of Money, Credit and Banking 31, no. 3 (August 1999): 596. http://dx.doi.org/10.2307/2601077.

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35

Noyes, Ruth S. "On the Fringes of Center: Disputed Hagiographic Imagery and the Crisis over the Beati moderni in Rome ca. 1600*." Renaissance Quarterly 64, no. 3 (2011): 800–846. http://dx.doi.org/10.1086/662850.

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AbstractThis article sets forth, through a small collection of case studies, the extent to which the literal and pictorial figures of the Beati moderni constituted potentially provocative and disputed hermeneutical territory between particular religious constituencies, in this case the Oratorians and the Jesuits, and an increasingly stringent Curia ca. 1600. A reexamination of Beati moderni hagiographic imagery, and curial censorship of such imagery, potentially problematizes scholarly assumptions that these images served the Counter-Reformation Church's demands to control the meaning of religious images and the cult of the saints. Such reassessment calls for the reevaluation of a newly-constituted, uniquely post-Tridentine genre of hagiographic imagery: the Beati moderni devotional altar image and its reproductive printed devotional derivatives.
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36

Biggins, John. "‘Targeted Touchdown’ and ‘Partial Liftoff’: Post-Crisis Dispute Resolution in the OTC Derivatives Markets and the Challenge for ISDA*." German Law Journal 13, no. 12 (December 1, 2012): 1297–328. http://dx.doi.org/10.1017/s2071832200017879.

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Since the 1980s, influential participants in the niche over-the-counter (OTC) derivatives markets have sought to encourage contractual standardization in the industry to mitigate the potential for unforeseen legal interruptions and ensure the enforceability of OTC derivatives contracts. The International Swaps and Derivatives Association (ISDA), a trade association and standard-setter, has spearheaded this effort; resulting in the creation and sustenance of a highly successful transnational private regulatory regime (TPRER). Most notably, ISDA has generated a standardized boilerplate contract for OTC derivatives, known as the ‘ISDA Master Agreement’. However, the TPRER within which the ISDA Master Agreement operates displays some intriguing features and paradoxes. Chief amongst these paradoxes is that, while this TPRER appears at first glance to be highly legalistic and formal, indications are that rates of formal litigation between members of the regulatory regime have traditionally been low relative to the size of the market (the total notional amount of OTC derivatives contracts outstanding at the end of 2011 was estimated at US$648 trillion).
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37

Braga, Francesco. "Over-the-counter Derivatives and Price Risk Management in a Post-tripartite Environment: The Case of Cattle and Hogs." Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie 44, no. 4 (December 1996): 369–74. http://dx.doi.org/10.1111/j.1744-7976.1996.tb04432.x.

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38

Balson, William E., and Gordon Rausser. "Pretrade and risk-based clearing." Journal of Financial Economic Policy 8, no. 2 (May 3, 2016): 228–47. http://dx.doi.org/10.1108/jfep-10-2015-0059.

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Purpose Risk-based clearing has been proposed by Rausser et al. (2010) for over-the-counter (OTC) derivatives. This paper aims to illustrate the application of risk-based margins to a case study of the mortgage-backed securities derivative portfolio of the American International Group (AIG) during the period 2005-2008. There exists sufficient publicly available information to examine AIG’s derivative portfolio and how that portfolio would depend on conjectural changes in margin requirements imposed on its OTC derivative positions. Generally, such data on OTC derivative portfolio positions are unavailable in the public domain, and thus, the AIG data provide a unique opportunity for an objective evaluation. Design/methodology/approach This paper uses modern financial methodology to evaluate risk-based margining and collateralization for the major OTC derivative portfolio of the AIG. Findings This analysis reveals that a risk-based margin procedure would have led to earlier margin calls of greater magnitude initially than the collateral calls actually faced by AIG Financial Products (AIGFP). The total margin ultimately required by the risk-based procedure, however, is similar in magnitude to the collateral calls faced by AIGFP by August 2008. It is likely that a risk-based clearing procedure applied to AIG’s OTC contracts would have led to the AIG undertaking significant hedging and liquidation of their OTC positions well before the losses built up to the point they had, perhaps avoiding the federal government’s orchestrated restructuring that occurred in September 2008. Originality/value There has been no published risk-based evaluations of a major OTC portfolio of derivatives for any company, let alone the AIG.
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39

Kifle, Henok. "The Impact of Regulation on Corporate Hedging Activities and the Response of Corporates – A Preliminary Conceptual Framework." Business and Management Research 6, no. 4 (October 30, 2017): 1. http://dx.doi.org/10.5430/bmr.v6n4p1.

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Following the financial crisis of 2007/2008 regulators intensified the regulation of financial derivatives through (i) the implementation of the European Markets Infrastructure Directive (EMIR) to increase transparency of over-the-counter (OTC) derivatives and (ii) the implementation of Basel III to increase capital underpinning. Non-financial corporates, who mainly hedge with OTC derivatives, are seeing tendencies of increasing costs and decreasing availability of required OTC derivatives but fail to have a full concept of the impact and possible responses to manage the impact. Also, theoretical research did not consider reguation as an influencing factor and thus does not offer theories to analyse the impact of regulation on corporate hedging activities (defined as the willingness and ability of NFCs to conduct hedging in an optimal way). Given this gap, this paper reviews existing theories and based on that pre-conceptualises a model that helps to analyse the impact of regulation on corporate hedging activities and provides a preliminary conceptual framework that includes corporate responses to manage the regulatory impact.
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40

Chen, Christopher. "Extraterritoriality of the Regulations and Interconnections of the Derivatives Market: Legal Implications for East and Southeast Asia." Masaryk University Journal of Law and Technology 11, no. 2 (September 30, 2017): 323–50. http://dx.doi.org/10.5817/mujlt2017-2-6.

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This article examines the legal implications of the interconnections of the global derivatives market, such as the exchange and over-the-counter (OTC) markets, in East and Southeast Asia. First, we introduce the interconnectedness of the global derivatives market. We then examine some legal implications of such interconnectedness from several angles, such as the extraterritoriality of relevant regulations (notably the reporting, clearing and trading mandates prescribed by the G20 and the new initial margin rule), standard product documentation, the effect of substituted compliance, the potential competition effect due to shifting OTC trades to exchange trading and the effect of consolidating exchanges and/or clearing services. We approach these issues from the perspective of Asian countries in relation to development in core markets, such as those in the US, the UK and Europe.
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41

Vahdatmanesh, Mohammad, and Afshin Firouzi. "Price risk management in BOT railroad construction projects using financial derivatives." Journal of Financial Management of Property and Construction 23, no. 3 (November 5, 2018): 349–62. http://dx.doi.org/10.1108/jfmpc-04-2018-0021.

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Purpose Railroad transit infrastructures are amongst major capital-intensive projects worldwide, which impose significant risks to the contractors of build-operate-transfer projects because of the fluctuations in steel price fluctuation. The purpose of this paper is to introduce a methodology for hedging steel price risk using financial derivatives. Design/methodology/approach Cox–Ross valuation lattice has been used as an option valuation model for determining option’s price for the construction companies involved in fixed-price railroad projects. A sensitivity analysis has been conducted using the financial option Greeks to evaluate the impacts of option’s pricing factors in the total price of option. Findings The result of valuation shows that European options cost to safeguard against the effects of price risk is only a fraction in contrast to the total cost of steel procurement for a typical railroad construction company. This confirms that using this kind of financial derivative is a beneficial yet effective approach for hedging steel price risk for railroad construction companies. Practical implications The applicability of the financial derivatives, both exchange-traded and over-the-counter instruments, is evident in broad financial industry. This paper shows how European options can be readily used for risk management of a typical railroad project, and explains the methodology in a step-by-step procedure. Originality/value Although the financial engineering literature is rife of theory and application of derivatives in various contexts, to the best knowledge of authors there is only few papers on the application of these well-developed financial instruments for risk management in construction industry. This study intends to illustrate how financial derivatives can add value to risky construction projects and shed new light in this important application area.
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42

Singh, Derek, and Shuzhong Zhang. "Distributionally Robust XVA via Wasserstein Distance: Wrong Way Counterparty Credit and Funding Risk." Applied Economics and Finance 7, no. 6 (October 27, 2020): 70. http://dx.doi.org/10.11114/aef.v7i6.5060.

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This paper investigates calculations of robust X-Value adjustment (XVA), in particular, credit valuation adjustment (CVA) and funding valuation adjustment (FVA), for over-the-counter derivatives under distributional ambiguity using Wasserstein distance as the ambiguity measure. Wrong way counterparty credit risk and funding risk can be characterized (and indeed quantified) via the robust XVA formulations. The simpler dual formulations are derived using recent Lagrangian duality results. Next, some computational experiments are conducted to measure the additional XVA charges due to distributional ambiguity under a variety of portfolio and market configurations. Finally some suggestions for further work are discussed.
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43

Woo, Ronny Kim, José Valentim Machado Vicente, and Claudio Henrique Barbedo. "É Possível Replicar a Volatilidade da Taxa de Câmbio com Instrumentos Transacionados no Mercado?" Brazilian Review of Finance 7, no. 4 (January 5, 2009): 485. http://dx.doi.org/10.12660/rbfin.v7n4.2009.1404.

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The implied volatility is certainly an interesting indicator to help get a sense of the market, because it represents the amount of expected volatility the market is pricing. In over-the-counter exchange rate option, whose trading is volatility oriented, it is the most important variable. This work investigates whether information embedded in this implied volatility market are explained by other traded variables in the Brazilian market. The results show that there are sources of non-negotiable risk that influence this implied volatility. Therefore, exchange rate implied volatility can assist to understand the behavior of the derivatives indexed to dollar.
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44

Oldani, Chiara. "Global financial regulatory reforms and sovereign’s exemption." Journal of Financial Regulation and Compliance 26, no. 2 (May 14, 2018): 190–202. http://dx.doi.org/10.1108/jfrc-11-2016-0105.

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Purpose The purpose of this paper is to underline the (hidden) risks posed after the crisis by the exemption of non-financial operators, especially sovereigns, from the regulatory reforms of over the counter (OTC) derivatives undertaken by G20 countries in the absence of accounting data on trading. Design/methodology/approach Recent financial regulatory improvements are reported to underline that the trading of OTC derivatives by sovereigns and local administrations does not take place under the new regulatory umbrella, because of the relative size of the institution, the lack of incentives to adhere to Centralized Counterparty Systems (CCPs) and most of all, the absence of proper accounting rules. Sovereigns and local administrations have the potential to undermine global financial stability. Findings The limited availability of accounting data on derivatives’ use by public administrations constitutes a barrier towards a full comprehension of risks involved. Sovereigns should be compelled to adhere to the CCPs and the collateralized system of trading; the short-term costs of adhering to CCPs are worth $20bn. Research limitations/implications The new regulatory system failed to explicitly consider the trading of sovereigns and this can reduce the effectiveness of regulation itself and can have negative impact on financial stability; in fact, omitting sovereigns from these regulations represent a significant risk oversight because they are systemically important players, although with a special political power. Originality/value Despite progress made in improving the transparency and resilience of OTC derivative markets after the subprime crisis, sovereigns and public administrations are exempted from the new regulation, posing severe risks to financial stability.
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45

Brown-Hruska, Sharon. "The Impact of Post-Crisis Regulatory Reforms on Cross-Border Financial Transactions." Proceedings of the ASIL Annual Meeting 112 (2018): 41–44. http://dx.doi.org/10.1017/amp.2018.8.

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One of the near casualties of the global financial crisis (Crisis) was the march toward a more principles-based global regulatory structure that simultaneously encouraged cross-border transactions and recognized sovereign authorities over them without the necessity of a one-size-fits-all regulatory framework. The implementation of the G20 reforms for over-the-counter derivatives was far more prescriptive than principled. Post-crisis implementation of the G20 reforms, embodied in the United States in Title 7 of the Dodd Frank Wall Street Reform and Consumer Protection Act, yielded a costly, and in some markets, persistent loss of liquidity and fragmentation as market participants have attempted to sort out complex and sometimes competing regulatory requirements for reporting, trading, clearing, margin, and capital in practice.
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46

Goldman, Geoffrey B. "Crafting a Suitability Requirement for the Sale of Over-the-Counter Derivatives: Should Regulators "Punish the Wall Street Hounds of Greed"?" Columbia Law Review 95, no. 5 (June 1995): 1112. http://dx.doi.org/10.2307/1123240.

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47

Moloney, Niamh. "I. RESETTING THE LOCATION OF REGULATORY AND SUPERVISORY CONTROL OVER EU FINANCIAL MARKETS: LESSONS FROM FIVE YEARS ON." International and Comparative Law Quarterly 62, no. 4 (October 2013): 955–65. http://dx.doi.org/10.1017/s0020589313000377.

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Some five years on from the Autumn 2008 collapse of Lehmans, the regulatory dust from the Global Financial Crisis has settled. Significant regulatory policy debates are still underway internationally, notably with respect to the treatment of shadow banking.1 But the main contours of the crisis-era regulatory landscape are now clear. Internationally, most major economies, including the EU, have implemented the G20 reform agenda, set out initially in the 2008 Washington Declaration,2 and covering, inter alia: bank capital, liquidity and leverage; hedge funds; rating agencies; and the over-the-counter (OTC) derivatives markets. That major regulatory change would have followed the financial crisis is not, of course, a surprise.3 Observation of responses to major financial crises over the years from the 1929 Crash to the ‘dotcom bubble’ era and beyond4 makes clear that what Professor Coffee has vividly described as the ‘regulatory sine curve’5 leads to a regulatory boom after financial market bust.
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48

Ghamami, Samim. "Static models of central counterparty risk." International Journal of Financial Engineering 02, no. 02 (June 2015): 1550011. http://dx.doi.org/10.1142/s2424786315500115.

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Following the 2009 G-20 clearing mandate, international standard setting bodies (SSBs) have outlined a set of principles for central counterparty (CCP) risk management. They have also devised formulaic CCP risk capital requirements on clearing members for their central counterparty exposures. There is still no consensus among CCP regulators and bank regulators on how central counterparty risk should be measured coherently in practice. A conceptually sound and logically consistent definition of the CCP risk capital in the absence of a unifying CCP risk measurement framework is challenging. Incoherent CCP risk capital requirements may create an obscure environment disincentivizing the central clearing of over the counter (OTC) derivatives transactions. Based on novel applications of well-known mathematical models in finance, this paper introduces a risk measurement framework that coherently specifies all layers of the default waterfall resources of typical derivatives CCPs. The proposed framework gives the first risk sensitive definition of the CCP risk capital based on which less risk sensitive non-model-based methods can be evaluated.
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49

Webb, Robert I. "Yesterday’s Tomorrows: Past Visions of Future Financial Markets." Applied Finance Letters 3, no. 1 (June 30, 2014): 2. http://dx.doi.org/10.24135/afl.v3i1.16.

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It is easy to imagine that the present - yesterday’s tomorrow - was always the future expected in the past. Yet, what we now accept as the normal state of affairs - the present - was not the only possible outcome that could have come to pass nor was it often the most commonly expected one. What is now considered “inevitable” – when viewed from the vantage point of 20/20 hindsight - was often not immediately embraced or accepted. In order to understand where we are going it is important to understand where we have been and how we got there. I want to discuss some past visions of the future of financial markets, in general, and derivative markets, in particular, as seen by academics, practitioners and policymakers at various points in time. There are few advantages of age but one of them is the opportunity to witness changes and remember the contemporary context in which they occurred. I have been fortunate to have had a catbird seat to observe some of the changes in financial markets; first as a student of finance, and later with service: at a regulator; at an exchange; as a trader; in academia. I will draw upon some of my recollections and personal experiences in the discussion that follows. Most readers have always lived in a world where exchange traded derivatives on financial assets existed. Many readers have always lived in a world where interest rate swaps and other over-the-counter (OTC) derivatives were important. Many readers have always lived in a world where exchange traded derivatives on energy, in general, and crude oil, in particular, existed and were important. Some readers have always lived in a world where large Asian financial and commodity futures markets existed and were important in the global price discovery process. Yet, this was not always the case
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50

Proctor, Ashley, and Matt T. Bianchi. "Clinical Pharmacology in Sleep Medicine." ISRN Pharmacology 2012 (November 14, 2012): 1–14. http://dx.doi.org/10.5402/2012/914168.

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The basic treatment goals of pharmacological therapies in sleep medicine are to improve waking function by either improving sleep or by increasing energy during wakefulness. Stimulants to improve waking function include amphetamine derivatives, modafinil, and caffeine. Sleep aids encompass several classes, from benzodiazepine hypnotics to over-the-counter antihistamines. Other medications used in sleep medicine include those initially used in other disorders, such as epilepsy, Parkinson’s disease, and psychiatric disorders. As these medications are prescribed or encountered by providers in diverse fields of medicine, it is important to recognize the distribution of adverse effects, drug interaction profiles, metabolism, and cytochrome substrate activity. In this paper, we review the pharmacological armamentarium in the field of sleep medicine to provide a framework for risk-benefit considerations in clinical practice.
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