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Get the balance right: private rights and public policy in the post-crisis regime for OTC derivatives

Braithwaite, Jo and Murphy, David (2017) Get the balance right: private rights and public policy in the post-crisis regime for OTC derivatives. Capital Markets Law Journal, 12 (4). pp. 480-509. ISSN 1750-7219

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Identification Number: 10.1093/cmlj/kmx033

Abstract

The reforms introduced since the 2008 financial crisis have left the OTC derivatives market in a state of hybridity, governed by elements of private and public law and with a wide-ranging set of stakeholders. This article explores the implications of this hybridity for the ongoing debate about the recovery and resolution of central counterparties (CCPs) and for rule-making in this area. A conflict of rights analysis is applied to five key policy questions (around framing the rules; tear-up; the resolution trigger; the creditor safeguard and the role of equity holders) and potential legal challenges are explored. On this basis, we propose a set of recommendations for the future regime governing CCP recovery and resolution.

Item Type: Article
Official URL: https://academic.oup.com/cmlj
Additional Information: © 2017 The Authors
Subjects: K Law > K Law (General)
Sets: Departments > Law
Date Deposited: 11 Aug 2017 14:27
Last Modified: 28 Nov 2017 10:24
URI: http://eprints.lse.ac.uk/id/eprint/83750

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