Derivatives Regulation: Rules and Reasoning from Lehman to Covid

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David Murphy (Visiting Professor in Practice, Visiting Professor in Practice, London School of Economics and Political Science)

Derivatives Regulation

Rules and Reasoning from Lehman to Covid

David Murphy (Visiting Professor in Practice, Visiting Professor in Practice, London School of Economics and Political Science)

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English

Oxford University Press
26 May 2022

Economics; Banking law; Capital markets & securities law & regulation

Derivatives Regulation - Rules and Reasoning from Lehman to Covid provides an indepth examination of the changes made to the regulation of derivatives that were enacted following the global financial crisis of 2008, considering the motivations behind these changes and including insights from the Covid pandemic.

Key areas of derivatives regulatory reform are examined, including bank capital and leverage rules, the clearing mandate, uncleared margin rules, and the principles for the regulation of central counterparties. After providing an overview of the global financial crisis, the motivations for these reforms in its immediate aftermath are considered, as well as the impact of these rules on the financial system, using insights from the market stress around the onset of the Covid pandemic in 2020. The book analyses the construction of financial regulation, as well as its nature and how this should be assessed, using tools from the law, economics, and regulatory theory.

Global administrative law, cost benefit analysis, and the results of regulatory interventions in other areas throw light on the legitimacy, efficiency, and effectiveness of derivatives regulation.

Insights from international political economy are also discussed, situating financial regulation within the regulatory state, while showing how its institutional arrangements shape regulatory outcomes.

Suggestions for improving both rules and regulatory processes are considered in the conclusion of the book.

By: David Murphy (Visiting Professor in Practice Visiting Professor in Practice London School of Economics and Political Science)
Imprint: Oxford University Press
Country of Publication: United Kingdom
Dimensions: Height: 240mm, Width: 160mm, Spine: 30mm
Weight: 1g
ISBN: 9780192846570
ISBN 10: 0192846574
Pages: 406
Publication Date: 26 May 2022
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

David Murphy is a visiting professor in practice in the Law Department at the London School of Economic and Political Science. He is a leading expert on derivatives regulation, central clearing, and prudential policy, having published extensively in these areas, and worked in both bank and central counterparty policy at national and international levels.