Derivatives regulation : rules and reasoning from Lehman to COVID / David Murphy.

Oxford, United Kingdom ; New York, NY : Oxford University Press, 2022.

K1115.D47 M87 2022

First edition.

9780192846570 (hardback)
0192846574
9780192661821 (epub)
9780192661814
9780191938900

xviii, 387 pages : illustrations ; 24 cm

(OCoLC)1280598477

"This book provides an indepth examination of the changes made to the regulation of derivatives that were enacted following the global financial crisis of 2008. Key areas of derivatives regulatory reform are presented, including bank capital and leverage rules, the clearing mandate, uncleared margin rules, and the principles for the regulation of central counterparties. After providing an overview of the global financial crisis, the book considers the motivations for these reforms in its immediate aftermath. The impact of these rules on the financial system is then analysed using insights from the market stress around the onset of the Covid pandemic in 2020.The construction of financial regulation is investigated, as well as its nature and how this should be assessed, using tools from the law, economics, and regulatory theory. Global administrative law, cost benefit analysis, and the results of regulatory interventions in other areas allow for analysis of the legitimacy, efficiency, and effectiveness of derivatives regulation. Insights from international political economy are also discussed, situating financial regulation within the regulatory state, while showing how its institutional arrangements shape regulatory outcomes. Suggestions for improving both rules and regulatory processes are considered in the conclusion of the book"-- Provided by publisher.

Includes bibliographical references (pages 335-370) and index.

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