OTC derivatives market structure and the credit profi les of wholesale investment banks

A. Yavorsky

Financial Stability Review, 2010, issue 14, 143-151

Abstract: The OTC market is at a critical crossroads from a number of angles – proposed regulatory changes, changing end-user expectations, competitive pressures from the listed market, and the effect of all these on the banks’ economics from the business. The possible paths forward may include central clearing, exchange trading, stricter capital, margin and disclosure requirements, for all or parts of the USD 600T market. Moreover, as part of this process, we are seeing the creation of new, or growth of existing, systemically-important institutions – central counterparties. Each of these paths, and the way in which they will interact, have different implications for systemic and individual fi rm risks.

Date: 2010
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