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Pré-Publication, Document De Travail Année : 2021

Unintended Consequences of the Global Derivatives Market Reform

Pauline Gandré
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Mike Mariathasan
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Ouarda Merrouche
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Steven Ongena
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Résumé

The G-20’s global over-the-counter (OTC) derivatives market reform has caused a dramatic shift in the geography of the global derivatives market. Following the early implementation of the reform in the US and associated increase in the cost of trading derivatives, US banks shifted up to 60 percent of their OTC derivatives activity abroad, particularly towards less regulated jurisdictions. This implies an increase in global risk as risk is shifted to jurisdictions that are less prepared to monitor it and deal with the consequences. Further, we find that foreign subsidiaries in more tightly regulated jurisdictions have increased risk-taking overall.
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Dates et versions

hal-04159726 , version 1 (12-07-2023)

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  • HAL Id : hal-04159726 , version 1

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Pauline Gandré, Mike Mariathasan, Ouarda Merrouche, Steven Ongena. Unintended Consequences of the Global Derivatives Market Reform. 2021. ⟨hal-04159726⟩
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