Abstract
This paper examines the possible regulatory arrangements for the over-the-counter derivatives market post financial reforms in the US and Europe. The interaction of the industry and the agencies since the passage of legislation points to a probable “meta-regulation” for the bilateral derivative contracts market. This type of process-oriented regulation relies on enforced industry self-regulation, and participant organizations are expected to identify and control risks with the support and evaluation of outside monitors. The paper highlights an instance of coordination between regulators and the swaps industry by examining the “confirmations backlogs” issue in the OTC market that occurred before the financial crisis. The paper fills a gap in the literature about non-traditional governance structures for the derivatives markets following the financial crisis.
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