We investigate regulatory arbitrage during the G20's global derivatives market reform. Using hand-collected data on staggered reform progress, we find that banks shift their trading towards less regulated jurisdictions. The result is driven by agenda items – such as the promotion of central...

The mandated use of Central Counterparty (CCP) clearing for standardized over-the-counter (OTC) derivatives was a core policy response to the Great Financial Crisis, committed to at the 2009 Pittsburgh Summit of G20 leaders. The allure of central counterparty credit enhancement was not new....

This report contains new and more demanding international standards for payment, clearing and settlement systems. Issued for public consultation by the CPSS and the Technical Committee of the International Organization of Securities Commissions (IOSCO), the new standards (called "principles")...