International regime complexity has become a prominent feature of the global economy and world politics. The international governance of derivatives markets is a notable case of this phenomenon in finance because a variety of post-crisis rules have been issued by a multitude of international standard-setting bodies. By combining the regime complexity and orchestration frameworks, we explain the precision and scope of international standards for derivatives trade reporting. We show how a collective orchestrator (the Group of Twenty) and a hub intermediary (the Financial Stability Board) managed regime complexity through the orchestration of the available intermediaries. We also seek to refine the orchestration framework by explaining how the mechanism of issue de-linkage can be used to manage the partly diverging goals among states within the collective orchestrator. Our findings are relevant for the global regulation and governance of other policy areas characterized by a multiplicity of actors and interlinked issues, such as trade, energy, and environmental policy.

中文翻译：

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制度复杂性和管理财务数据流：衍生品交易报告的编排

国际制度复杂性已成为全球经济和世界政治的一个突出特征。衍生品市场的国际治理是金融领域这一现象的一个显着案例，因为许多国际标准制定机构已经发布了各种后危机规则。通过结合制度复杂性和编排框架，我们解释了衍生品交易报告国际标准的准确性和范围。我们展示了一个集体协调者（二十国集团）和一个中心中介（金融稳定委员会）如何通过协调可用的中介来管理制度的复杂性。我们还试图通过解释问题脱链的机制来完善编排框架可用于管理集体协调器内各状态之间的部分分歧目标。我们的研究结果与其他政策领域的全球监管和治理相关，这些政策领域的特点是参与者众多，问题相互关联，例如贸易、能源和环境政策。