In the 2007–08 financial crisis, over‐the‐counter (OTC) derivatives triggered the collapse of colossal financial institutions. In response, global policy makers instituted clearinghouse mandates. As a result, all standardized OTC derivatives must now use clearinghouses, and global financial market stability now depends upon these institutions. Yet certain underlying legal and regulatory structures threaten to undermine clearinghouse stability, particularly were a significant clearinghouse to become distressed. This article argues that the clearinghouse mandates are incomplete in that they fail to reform these problematic arrangements.

中文翻译：

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不完整的票据交换所授权

在2007-08年的金融危机中，场外交易（OTC）衍生品触发了庞大的金融机构的倒闭。作为回应，全球决策者制定了信息交换所的授权。结果，所有标准化的场外交易衍生品现在必须使用票据交换所，全球金融市场的稳定性现在取决于这些机构。但是，某些潜在的法律和监管结构有可能破坏资料交换所的稳定性，尤其是成为困扰的重要资料交换所。本文认为，信息交换所的授权不完整，因为它们无法改革这些有问题的安排。