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Regulation of Central Counterparties (CCPs) in Light of Systemic Risk

Uitgever: Intersentia
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Against the background of the economic dynamics of financial markets, this book examines the EU regulatory and supervisory framework for central counterparties (CCPs) that clear derivative contracts. The book combines a deep technical regulatory analysis of the applicable EU and US rules with a policy-oriented perspective, offering novel insights for both policymakers and practitioners, particularly with respect to CCP market access regimes.
Years before the 2008 financial crisis, Wall Street magnate Warren Buffett described derivative contracts as "financial weapons of mass destruction". This book analyzes why and how-in a bid to discharge the destructive forces that derivatives may entail-international policy initiatives have converted CCPs for derivatives into the nuclear powerhouses of modern financial markets. Trillions of euros now change hands through these institutions every year. This risk centralization has turned CCPs into powder kegs with the potency to ignite financial

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