Derivatives Clearing Mandates: Cure or Curse?
The Dodd-Frank Act mandates the widespread adoption of centralized clearing of OTC derivatives and also includes measures designed to move more derivatives trading onto exchanges. But, as the author points out, such a clearing mandate appears to be based on the premise that the recent experience in OTC derivatives represents a major market failure and that participants in what is now the world's largest financial market have been systematically choosing the wrong institutions for risk management and trading. Copyright Copyright (c) 2010 Morgan Stanley.
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Volume (Year): 22 (2010)
Issue (Month): 3 ()
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