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Regulating Global FMIs: Achieving Stability and Efficiency across Borders

Regulating Global FMIs: Achieving Stability and Efficiency across Borders
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Author(s): Aaron Unterman (Ontario Securities Commission, Canada)
Copyright: 2016
Pages: 30
Source title: Analyzing the Economics of Financial Market Infrastructures
Source Author(s)/Editor(s): Martin Diehl (Deutsche Bundesbank, Germany), Biliana Alexandrova-Kabadjova (Banco de México, Mexico), Richard Heuver (De Nederlandsche Bank, The Netherlands) and Serafín Martínez-Jaramillo (Banco de México, Mexico)
DOI: 10.4018/978-1-4666-8745-5.ch003

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Abstract

A key regulatory response to the 2008 financial crisis has been to greatly enhance the role of financial market infrastructures (FMIs) including central counterparties and trade repositories in the global OTC derivatives market. This chapter analyses the implications, from a regulatory perspective, of reliance on internationally active FMIs that can be systemically important to multiple jurisdictions by examining the multiple sources of domestic and international laws applicable to such entities. This chapter argues that, although achievements have been made, greater international coordination is necessary to ensure that global FMIs operate in a stable and efficient manner.

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