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Capital Markets, Derivatives and the LawEvolution After Crisis$
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Alan N. Rechtschaffen

Print publication date: 2014

Print ISBN-13: 9780199971541

Published to Oxford Scholarship Online: May 2014

DOI: 10.1093/acprof:oso/9780199971541.001.0001

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Regulation of Swaps

Regulation of Swaps

(p.217) Chapter 11 Regulation of Swaps
Capital Markets, Derivatives and the Law

Alan N. Rechtschaffen

Oxford University Press

The 2008 near collapse of financial markets has been attributed to derivatives, particularly over-the-counter derivatives. The Wall Street Reform and Consumer Protection Act, also known as the Dodd-Frank Act, was a response to the financial crisis and represented a profound shift in the regulation of financial institutions and markets in an obvious attempt to address regulatory shortcomings in derivatives markets. Dodd-Frank is intended to enhance regulatory oversight of derivatives and derivatives users and reduce counterparty risk and systemic risk. It establishes jurisdiction over derivatives that were previously unregulated. This chapter provides an overview of Dodd- Frank and its provisions concerning derivatives trading, jurisdiction and registration of swaps, clearing requirements, exchange requirements, and the end-user exemption. It also discusses capital and margin requirements, reporting requirements, and regulation of Futures Commission Merchants. Finally, it explains the rationale behind the exemptions and exclusions and looks at the criticisms of Dodd-Frank’s derivatives trading provisions.

Keywords:   derivatives, Dodd-Frank Act, regulation, swaps, derivatives trading, clearing, end-user exemption, Futures Commission Merchants

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