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OTC Derivatives Market in India: Recent Regulatory Initiatives and Open Issues for Market Stability and Development

Author

Listed:
  • Dayanand Arora
  • Francis Xavier Rathinam

Abstract

The paper seeks to prove the point that the Indian OTC derivatives markets, unlike many other jurisdictions, are well regulated. Only contracts where one party to the contract is an RBI regulated entity are considered legally valid in India. A good reporting system and a post-trade clearing and settlement system, through a centralised counter party, has ensured good surveillance of the systemic risks in the Indian OTC market. [ICRIER WP No. 248].

Suggested Citation

  • Dayanand Arora & Francis Xavier Rathinam, 2010. "OTC Derivatives Market in India: Recent Regulatory Initiatives and Open Issues for Market Stability and Development," Working Papers id:2479, eSocialSciences.
  • Handle: RePEc:ess:wpaper:id:2479 Note: Institutional Papers
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    References listed on IDEAS

    as
    1. 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.
    2. Allen, Franklin & Carletti, Elena, 2006. "Credit risk transfer and contagion," Journal of Monetary Economics, Elsevier, pages 89-111.
    3. 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.
    4. anonymous, 2009. "Monetary policy report to the Congress," Web Site 46, Board of Governors of the Federal Reserve System (U.S.).
    5. Stephen G Cecchetti & Jacob Gyntelberg & Marc Hollanders, 2009. "Central counterparties for over-the-counter derivatives," BIS Quarterly Review, Bank for International Settlements, September.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Parthasarathi Shome, 2011. "Financial Transactions Taxes," Working Papers id:3930, eSocialSciences.
    2. Silva, Walmir & Kimura, Herbert & Sobreiro, Vinicius Amorim, 2017. "An analysis of the literature on systemic financial risk: A survey," Journal of Financial Stability, Elsevier, vol. 28(C), pages 91-114.

    More about this item

    Keywords

    Indian; OTC market derivatives; India; post-trade; regulated; RBI; stability; development; Finanacial institutions; regulations; derivatives; over the counter; government policy; research and development; R&D; currency; balance sheet;

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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