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1、 International topics Current Issues Author Michael Chlistalla +49 69 910-31732 Editor Bernhard Speyer Technical Assistant Sabine Kaiser Deutsche Bank Research Frankfurt am Main Germany Internet: E-mail: Fax: +49 69 910-31877 Managing Director Thomas Mayer The global derivatives market has expand
2、ed enormously in recent years. Interest rate products (options and futures) have seen a particularly rapid increase over the past eight years. When volumes peaked in 2007, gross notional amounts outstanding of over-the-counter (OTC) derivatives amounted to USD 605 trillion. A number of structural de
3、ficiencies in the market infrastructure of OTC derivatives were revealed during the financial crisis. Inherent counterparty risk and its inadequate management, the intransparency and complexity concerning actual risk exposures, and the danger of contagion, i.e. the risk of a default of one firm spre
4、ading through the financial system, are the issues that were brought to the collective consciousness in conjunction with the systemic relevance of these markets. Traditionally, counterparty risk used to be mitigated between trading partners by means of bilateral collateralisation. While in principle
5、 collateral can be an effective insurance against counterparty credit exposure, prevalent market practices such as asynchronous collateral cycles or incomprehensive collateral coverage resulted in uncollateralised exposures in the past. Central counterparty (CCP) clearing is the most immediate way o
6、f addressing these limitations. CCPs also reduce systemic risk, as they reduce the likelihood of contagion. Hence, regulators in the EU and the US are pushing for more OTC business to be cleared via CCPs. Reform of market infrastructure will alter competitive structures in the industry. Rules on the
7、 eligibility of contracts for central clearing, interoperability of CCPs and ownership of the market infrastructure are issues set to shape the industry, but are undetermined at the moment. Regulators should ensure that legislation drafted is commensurate with the risks faced. While transparency and
8、 standardisation are objectives worth of being promoted, the future of the industry will critically hinge not so much on market forces but on the outcome of the regulatory process. Regulation must strike an appropriate balance between greater stability and preserving the benefits of solid, yet dynam
9、ic derivatives markets. April 28, 2010 OTC derivatives A new market infrastructure is taking shape OTC derivatives April 28, 2010 3 Introduction The recent financial crisis, fuelled in particular by the 2008 collapse of Bear Stearns, the bankruptcy of Lehman Brothers, and the bail- out of major deri
10、vatives trader American International Group (AIG), has led to ample discussions among regulators and policymakers in both Europe and the US about structural improvements to be made to the financial markets. Already today, it is foreseeable that efforts to improve the stability and resilience of the
11、international financial system will cover a variety of aspects: first and foremost, the effectiveness of banks own risk management processes and practices; so-called macro-prudential financial supervision that monitors systemic risk; reform of capital requirements, resulting in banks needing to hold
12、 more and higher-quality capital; revised liquidity regulations under an internationally co-ordinated approach; better market infrastructure that reduces interconnectedness between individual market participants; and last but not least, strong supervisory authorities that can monitor compliance, as
13、well as identify and react in time to emerging risks. In terms of the structural deficiencies in financial market infrastructure, it can be stated that whilst over-the-counter (OTC) derivatives were not a central cause of the crisis, weaknesses in the design of derivatives markets became apparent. T
14、his markets complex and opaque nature and the corresponding inability of regulators and market participants to have a clear view of risk exposures held increased the systemic risk of contagion and exacerbated the crisis as some market participants built up excessive risk positions. Derivatives have
15、a long-standing history as financial tools for risk insurance (hedging) and risk acquisition (speculation), thus providing important risk management and liquidity benefits to financial institutions as well as to non-financial corporations and other market participants. Past growth rates of these mar
16、kets indicate the intensified desire of both real-economy and financial institutions to manage risks inherent to their industry or to manage financial risks stemming from changes in macroeconomic conditions. Regulators efforts to comprehensively reorganise derivatives markets threaten to hamper the viability and innovative powers of these segments. The apparent focus on Credit Default Swaps (CDSs), which had been singled out fo
