Purpose

In response to the 2008 financial crisis, the European Union (EU) comprehensively restructured its derivative regulation. A key component of this new framework is a reporting obligation for every derivative trade. As the reporting requirement does not involve public disclosure of the information, existing academic analysis on reporting regulations to-date, which focusses on public disclosure, is limited in predicting the effectiveness of the reform. This paper aims to assess whether the reform has been designed effectively based on the regulatory setup in the UK.

Design/methodology/approach

Framing the reporting regulation as a moral hazard problem with asymmetric information, this paper uses a game-theoretical approach to evaluate whether the new derivative reporting obligation effectively induces firm compliance. I also discuss potential extensions of the derivative reporting model, with particular emphasis on how the framework could account for heterogeneous firms and different regulatory tools.

Findings

Based on the theoretical analysis, this paper finds that while firms are unlikely to comply fully with derivative reporting requirements, it is possible to induce relatively high firm compliance. Although this does not mean we are immune from another financial crisis, the derivative reporting requirements should equip EU regulators to monitor a more transparent and secure derivatives market.

Originality/value

This paper provides a theoretical foundation for further study of post-crisis derivatives reforms. In particular, the implications of the model point to an empirical strategy to test the accuracy of the model.

中文翻译：

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欧盟自 2008 年金融危机以来的衍生政策改革设计是否有效？

目的

为应对2008年金融危机，欧盟（EU）对衍生品监管进行了全面重组。这一新框架的一个关键组成部分是每笔衍生品交易的报告义务。由于报告要求不涉及信息的公开披露，现有的关于报告法规的学术分析目前侧重于公开披露，在预测改革的有效性方面是有限的。本文旨在评估是否根据英国的监管设置有效地设计了改革。

设计/方法/方法

将报告监管视为信息不对称的道德风险问题，本文采用博弈论方法评估新的衍生品报告义务是否有效诱导公司合规。我还讨论了衍生品报告模型的潜在扩展，特别强调了该框架如何解释异类公司和不同的监管工具。

发现

基于理论分析，本文发现虽然公司不太可能完全遵守衍生报告要求，但有可能诱导相对较高的公司遵守。尽管这并不意味着我们可以免受另一场金融危机的影响，但衍生品报告要求应使欧盟监管机构能够监控更加透明和安全的衍生品市场。

原创性/价值

本文为进一步研究危机后衍生品改革提供了理论基础。特别是，模型的含义指向了一种用于测试模型准确性的经验策略。