This Article argues that post-Crisis reform of over-the-counter derivatives is in trouble. While regulators agree on the broad strokes of regulation, they diverge on detail, often on core issues like how clearinghouses should manage risk. In examining divergences between United States and...

‘Interconnectedness' was considered to be a cause of the 2008 financial crisis, stimulating a number of studies into the topology of financial markets. Yet the analysis of instability within networks has tended to focus on a type of ‘contagion' which imagines serial insolvencies, with...

Changes to the regulatory system introduced after the financial crisis include not only mandatory clearing of OTC derivatives at central counterparties and margining of uncleared derivatives, but also prudential measures, including notably a 'Liquidity Coverage Ratio' which obliges firms to set...