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Reforming the over-the-counter derivatives market: what’s to be gained?

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  • Kent Cherny
  • Ben R. Craig
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    Abstract

    While derivative financial instruments have made the hedging and exchange of risk more efficient, the recent crisis showed that they also pose a substantial threat to financial stability in times of systemic turmoil. Underlying much of this threat is the lack of transparent reporting in the over-the-counter market for these instruments. This Commentary discusses the advantages of one solution to the transparency proble: moving the settlement or trading of derivatives to exchanges or clearinghouses.

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    File URL: http://www.clevelandfed.org/research/commentary/2010/2010-6.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of Cleveland in its journal Economic Commentary.

    Volume (Year): (2010)
    Issue (Month): Jul ()
    Pages:

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    Handle: RePEc:fip:fedcec:y:2010:i:jul7:n:2010-6

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    Related research

    Keywords: Derivative securities ; Financial market regulatory reform ; Over-the-counter markets;

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