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Palgrave Macmillan

OTC Derivatives: Bilateral Trading and Central Clearing

An Introduction to Regulatory Policy, Market Impact and Systemic Risk

  • Book
  • © 2013

Overview

Authors:
  1. David Murphy
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Part of the book series: Global Financial Markets (GFM)

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Table of contents (11 chapters)

  1. Front Matter

    Pages i-xi
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  2. Introduction

    1. Introduction

      • David Murphy
      Pages 1-5

  3. Understanding Bilateral OTC Derivatives

    1. Front Matter

      Pages 7-7
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    2. Over-The-Counter Derivatives

      • David Murphy
      Pages 9-29

    3. The Nature of the Counterparty Relationship in Bilateral OTC Derivatives

      • David Murphy
      Pages 31-60

    4. The Valuation and Risk of OTC Derivatives

      • David Murphy
      Pages 61-91

    5. The Role of OTC Derivatives in the Crisis

      • David Murphy
      Pages 93-118

  4. Reform and Its Consequences

    1. Front Matter

      Pages 119-119
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    2. Regulatory Responses to the Crisis

      • David Murphy
      Pages 121-143

    3. OTC Derivatives Central Clearing

      • David Murphy
      Pages 145-179

    4. The Emerging OTC Market Infrastructure From Execution To Settlement

      • Bill Hodgson
      Pages 181-207

    5. Risks in OTC Derivatives Central Clearing

      • David Murphy
      Pages 209-230

    6. Design Choices in Central Clearing and Their Consequences

      • Edwin Budding, David Murphy
      Pages 231-257

    7. The Aftermath of Mandatory Central Clearing

      • David Murphy
      Pages 259-281

  5. Back Matter

    Pages 282-287
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Keywords

About this book

After the credit crisis, supervisors enacted a range of financial reforms. In particular, they radically changed the nature of the OTC derivatives market via a number of measures, notably mandatory central clearing. This book discusses the market before the crisis, explains what central clearing is, and outlines the consequences of the new rules.

About the author

David Murphy is a leading expert in financial stability and regulatory capital. He has been involved in financial regulation and derivatives for over fifteen years, working as a supervisor, risk manager, and most recently as founder of Rivast consulting, a boutique risk management consultancy. He had a front row seat in the post-crisis financial reforms as Head of Risk at ISDA, and hence he is ideally placed to comment on the financial system that is emerging from them. Dr. Murphy has published widely on risk management, OTC derivatives and capital, and is well known for his contributions to financial regulation.

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