reluctance to clear derivative trades in the absence of a central clearing obligation. We develop a comprehensive understanding … moving from a bilateral to a clearing architecture for derivative markets. Previous studies suggest that central clearing is … its counterparties: 1) correlation across and within derivative classes (i.e., systematic risk), 2) collateralization of …

Reform and Consumer Protection Act and the European Market Infrastructure Regulation (EMIR). The similarities and the major … for end-users and the reporting of cleared and uncleared derivative transactions by nearly all financial counterparties …. The major differences arise with the restrictions on bank proprietary trading, with separation of derivative trading …

The paper addresses the question of whether risk-based regulation is an efficient approach to the regime of Central …-based regulation operates. They highlight the benefits, limits and complexities tied to the adoption of this approach to regulation …. The core of the study in this paper is the analysis concerning the parameters that risk-based regulation offers to assess …