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OTC derivatives market in India: recent regulatory initiatives and open issues for market stability and development

  • Dayanand Arora
  • Francis Xavier Rathinam

In the wake of the present financial crisis, which is believed to have been exacerbated by over-the-counter derivatives, increasing attention is being paid to analysing the regulatory environment of these markets. In this context, we analyse the regulatory framework of the over-the-counter derivatives market in India. The paper, inter alia , analyses how a good reporting system and a post-trade clearing and settlement system, through a centralized counter party, has ensured good surveillance of the systemic risks in the Indian over-the-counter market. This research paper also explores those open issues that are important to ensure market stability and development competition among centralized counterparties and better supervision of the off-balance sheet business of financial institutions.

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File URL: http://hdl.handle.net/10.1080/17520843.2011.580571
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Article provided by Taylor & Francis Journals in its journal Macroeconomics and Finance in Emerging Market Economies.

Volume (Year): 4 (2011)
Issue (Month): 2 (April)
Pages: 235-261

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Handle: RePEc:taf:macfem:v:4:y:2011:i:2:p:235-261
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  1. Guonan Ma & Eli Remolona & Ilhyock Shim, 2009. "Introduction for "Household debt: implications for monetary policy and financial stability"," BIS Papers chapters, in: Bank for International Settlements (ed.), Household debt: implications for monetary policy and financial stability, volume 46, pages 1-3 Bank for International Settlements.
  2. Stephen G Cecchetti & Jacob Gyntelberg & Marc Hollanders, 2009. "Central counterparties for over-the-counter derivatives," BIS Quarterly Review, Bank for International Settlements, September.
  3. Goderis, B.V.G. & Marsh, I. & Vall Castello, J. & Wagner, W.B., 2006. "Bank Behavior with Access to Credit Risk Transfer Markets," Discussion Paper 2006-100, Tilburg University, Center for Economic Research.
  4. Ashima Goyal & R Ayyappan Nair & Amaresh Samantaraya, 2009. "Monetary Policy, Forex Markets and Feedback Under Uncertainity in an Opening Economy," Working Papers id:2208, eSocialSciences.
  5. Allen, Franklin & Carletti, Elena, 2005. "Credit risk transfer and contagion," CFS Working Paper Series 2005/25, Center for Financial Studies (CFS).
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