The article studies realization of reforms in the OTC derivatives market and current state, structure, scales and tendencies of development in the off-exchange market of derivatives. The author concludes that in the context of the changes occurring in the OTC derivatives market, there is a general tendency to blur the boundaries between the exchange and the OTC market segments, standardization and execution of their transactions using centralized clearing.
Keywords: OTC derivatives market, regulation, clearing, central contractor, trade repository, agreement, futures of swaps
References:
Zhukov S.V., Maslennikov A.O. Tsena nefti: riski reguliativnoi sredy i strategii rynochnykh igrokov [Oil price: risks of the regulatory environment and strategy of the market players]. Prilozhenie k ezhenedel'niku “Birzhevoi tovarnyi rynok Rossii. Rynok nefteproduktov. Birzhevye indeksy” – Supplement of Weekly “Exchange commodity market of Russia. Market of oil products. Market indexes”, 2013, no. 19, pp. 1–7.
Nozdrev N.S. Tsenoobrazovanie na rynke proizvodnykh finansovykh instrumentov [Pricing in the market of derivative financial instruments]. Moscow, Ekonomist" Publ., 2005, 250 p.
Norman P. Upravliaia riskami. Kliring s uchastiem tsentral'nykh kontragentov na global'nykh finansovykh rynkakh [Operating risks. Clearing with participation of the central contractors in the global financial markets]. Moscow, Mann, Ivanov i Ferber Publ., 2013, 704 p.
Safonova T. Kak ustanovit' kontrol' nad rynkom finansovykh derivativov [How to establish control over the market of financial derivatives]. Vedomosti, September 24, 2012.
Safonova T. Operatsii s proizvodnymi finansovymi instrumentami: uchet, nalogi, pravovoe regulirovanie [Operations with derivative financial instruments: account, taxes, legal regulation]. Moscow, Al'pina Pablisher Publ., 2013, 441 p.
Bank for International Settlements. Available at: Link.
International Swaps and Derivatives Association. ISDA Margin survey 2013. Available at: Link.
OTC derivatives market reforms. Fifth progress report on implementation. Available at: Link.
OTC derivatives market reforms. Sixth progress report on implementation. Available at: Link.
OTC derivatives market analysis for year-end 2012. Available at: Link.
Office of the Comptroller of the Currency. OCC’s quarterly report on bank trading and derivatives activities. Second quarter 2008. Available at: Link.
Office of the Comptroller of the Currency. OCC’s quarterly report on bank trading and derivatives activities. Second quarter 2013. Available at: Link.
