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The Enduring Legacy of the Dodd-Frank Act’s Derivatives Reforms
Journal of Financial Regulation Pub Date : 2020-10-02 , DOI: 10.1093/jfr/fjaa011 Heath P Tarbert
中文翻译:
《多德-弗兰克法案》衍生品改革的持久遗产
更新日期:2020-10-02
Journal of Financial Regulation Pub Date : 2020-10-02 , DOI: 10.1093/jfr/fjaa011 Heath P Tarbert
ABSTRACT
Despite the shortcomings of the Dodd-Frank Act, this article argues that the two parts most relevant to derivatives—Titles VII and VIII—are likely to endure. Title VII, which covers the trading of derivatives, especially swaps, generally strikes the right balance between preserving the vibrancy of the US derivatives markets and mitigating risk to market participants and the US financial system. While Title VII’s consolidation of much of the credit risk management function in central counterparties (CCPs) itself poses a systemic risk, this article contends nonetheless that Title VII addresses this risk by giving the Commodity Futures Trading Commission (CFTC) the power to mitigate it through regulations that implement the ‘core principles’ applicable to CCPs. This oversight is complemented by Title VIII, which provides enhanced supervision of systemically important CCPs. The Dodd-Frank Act’s approach to derivatives will endure, it is argued, so long as policymakers understand the interrelationship between Titles VII and VIII. This article focuses on that relationship and closes with a brief discussion of some of the work the CFTC is undertaking to bring finality to the statutory framework created by Titles VII and VIII.
中文翻译:
《多德-弗兰克法案》衍生品改革的持久遗产
摘要
尽管《多德-弗兰克法案》存在缺陷,但本文认为与衍生工具最相关的两个部分(标题VII和VIII)可能会持续。标题七涵盖了衍生品的交易,尤其是掉期交易,通常在保持美国衍生品市场的活力与减轻市场参与者和美国金融体系的风险之间取得了适当的平衡。虽然标题VII合并了中央交易对手(CCPs)的大部分信用风险管理功能本身构成了系统性风险,但本文仍主张标题VII通过赋予商品期货交易委员会(CFTC)权力来缓解这一风险,从而解决了这一风险。实施适用于CCP的“核心原则”的法规。这项监督由标题VIII进行了补充,从而加强了对具有系统重要性的CCP的监管。有人认为,只要决策者理解标题VII和标题VIII之间的相互关系,《多德-弗兰克法案》对衍生品的态度将持久。本文着眼于这种关系,并简要讨论了CFTC为使标题VII和VIII创建的法定框架具有最终性而正在进行的一些工作。