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Regulatory Reform of OTC Derivatives and Its Implications for Sovereign Debt Management Practices

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  • OECD

Abstract

This report analyses the possible implications for public debt management practices arising from regulatory changes for over the counter derivatives (OTCD) that are being developed worldwide to strengthen the resiliency of the financial system. Many OECD sovereigns use OTCD in their debt management activities (mainly interest rate swaps and cross-currency swaps). Some of the regulatory initiatives for OTCD markets may lead to changes in sovereign and dealer practices. Potential changes include modifications to collateralization requirements, the use of central clearing for OTCD trades, and increased pre- and post-trade reporting. Issues around sovereign exemptions and the transition of existing OTCD portfolios may also require attention from sovereign debt managers...

Suggested Citation

  • Oecd, 2011. "Regulatory Reform of OTC Derivatives and Its Implications for Sovereign Debt Management Practices," OECD Working Papers on Sovereign Borrowing and Public Debt Management 1, OECD Publishing.
    • Handle: RePEc:oec:dafaaf:1-en
    DOI: 10.1787/5k9gz2n0sgq2-en
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    Cited by:

    1. Tomo Nakashima & Mihai Cosma & Boran Plong, 2016. "A Framework in Search of an Optimal Margining Policy for Official Institutions: The Canadian Experience," Discussion Papers 16-9, Bank of Canada.
    2. Fabrizio Casalin & Floriana Cerniglia & Enzo Dia, 2021. "Stock-flow adjustments and interest costs in public debt dynamics," CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale crn2102, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
    3. Mauro Bucci & Ilaria De Angelis & Emilio Vadalà, 2020. "Don’t look back in anger: The use of derivatives in public debt management in Italy," Questioni di Economia e Finanza (Occasional Papers) 550, Bank of Italy, Economic Research and International Relations Area.

    More about this item

    Keywords

    debt management; general financial markets; government policy and regulation; international financial markets; sovereign debt;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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