The reforms introduced since the 2008 financial crisis have left the OTC derivatives market in a state of hybridity, governed by elements of private and public law and with a wide-ranging set of stakeholders. This article explores the implications of this hybridity for the ongoing debate about the recovery and resolution of central counterparties (CCPs) and for rule-making in this area. A conflict of rights analysis is applied to five key policy questions (around framing the rules; tear-up; the resolution trigger; the creditor safeguard and the role of equity holders) and potential legal challenges are explored. On this basis, we propose a set of recommendations for the future regime governing CCP recovery and resolution.

中文翻译：

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取得平衡：场外衍生品危机后制度中的私人权利和公共政策

自 2008 年金融危机以来引入的改革使场外衍生品市场处于混合状态，受私法和公法要素的约束，并拥有广泛的利益相关者。本文探讨了这种混合对有关中央对手方 (CCP) 的恢复和处置以及该领域规则制定的持续辩论的影响。权利冲突分析适用于五个关键政策问题（围绕制定规则；撕毁；触发决议；债权人保障和股权持有人的作用），并探讨了潜在的法律挑战。在此基础上，我们对未来的 CCP 恢复和处置机制提出了一套建议。