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Central motpartsclearing av OTC-derivat

Håkansson, Helena LU (2012) JURM02 20122
Department of Law
Abstract (Swedish)
År 2008 brakade den finansiella marknaden samman och följdes av en recession världen över som vi till viss del fortfarande brottas med. OTC-derivat, ett skräddarsytt bilateralt finansiellt instrument, har i finanskrisens efterdyningar beskyllts vara en av bovarna i dramat. Särskilt tros OTC-derivaten ha bidragit till en icke-transparens på marknaden som gjorde det omöjligt att både förutse och förebygga det finansiella systemets kollaps. Den 4 juli 2012 trädde därför förordning (EU) nr 648/2012 om OTC-derivat, centrala motparter och transaktionsregister ikraft och införde obligatorisk central motparts clearing för OTC-derivat. Förhoppningen är att obligatorisk central motpartsclearing ska göra den finansiella marknaden mer transparent och... (More)
År 2008 brakade den finansiella marknaden samman och följdes av en recession världen över som vi till viss del fortfarande brottas med. OTC-derivat, ett skräddarsytt bilateralt finansiellt instrument, har i finanskrisens efterdyningar beskyllts vara en av bovarna i dramat. Särskilt tros OTC-derivaten ha bidragit till en icke-transparens på marknaden som gjorde det omöjligt att både förutse och förebygga det finansiella systemets kollaps. Den 4 juli 2012 trädde därför förordning (EU) nr 648/2012 om OTC-derivat, centrala motparter och transaktionsregister ikraft och införde obligatorisk central motparts clearing för OTC-derivat. Förhoppningen är att obligatorisk central motpartsclearing ska göra den finansiella marknaden mer transparent och totalt sett minska riskerna genom ökad möjlighet till nettning. Tiden kommer att utvisa om regleringen är lyckad, men i denna uppsats har jag utrett om det överhuvudtaget finns förutsättningar för förordningen att uppnå sitt syfte, d.v.s. om den kan skapa en mer stabil finansiell marknad.
I teorin är det en bra idé att totalt sett minska de risker som OTC-derivat medför och att flytta handeln med OTC-derivat till en synligare plattform. Central motpartsclearing är dock inte i sig riskfri och förordningen lämnar i vissa delar mycket att önska. Myndigheter och marknadsdeltagare måste därför noga övervaka marknadens utveckling framöver och i uppsatsen finns flera förslag till vad som särskilt bör uppmärksammas. Förordningen leder den finansiella marknaden en bra bit på vägen till ökad sundhet, men erbjuder ingen komplett lösning. (Less)
Abstract
In 2008 the financial market collapsed and what followed was a worldwide recession which the market has yet to fully recover from. OTC-derivatives, which are tailor-made bilateral financial instruments, have in the aftermath of the collapse been accused of being one of the culprits. More specifically, OTC-derivatives are believed to have contributed to the opaque financial market that made it impossible to foresee and to prevent the financial crisis. Thus, Regulation (EU) no 648/2012 on OTC derivatives, central counterparties and trade repositories entered into force on the 4th of July 2012 and imposed mandatory central counterparty clearing for all OTC-derivatives. It is now expected that the regulation will make the financial market more... (More)
In 2008 the financial market collapsed and what followed was a worldwide recession which the market has yet to fully recover from. OTC-derivatives, which are tailor-made bilateral financial instruments, have in the aftermath of the collapse been accused of being one of the culprits. More specifically, OTC-derivatives are believed to have contributed to the opaque financial market that made it impossible to foresee and to prevent the financial crisis. Thus, Regulation (EU) no 648/2012 on OTC derivatives, central counterparties and trade repositories entered into force on the 4th of July 2012 and imposed mandatory central counterparty clearing for all OTC-derivatives. It is now expected that the regulation will make the financial market more transparent and reduce the total amount of risk by increasing means of netting. Time will tell if the regulation is a successful one, but this thesis aims to determine whether it is possible for the regulation to reach its goal, i.e. if it can create a more stable financial market.
In theory it is a good idea to reduce total amount of risk and to move the OTC-derivatives market to a more visible platform. However, central counterparty clearing comes with its own set of problems and the regulation is in some parts to soft of a weapon. Thus, regulatory authorities and market participants must closely supervise the development of the financial market and this thesis provides various suggestions as to what should be paid special attention to. The regulation is a good start, but it does not offer a complete solution. (Less)
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author
Håkansson, Helena LU
supervisor
organization
alternative title
Central counterparty clearing of OTC derivatives
course
JURM02 20122
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Finansrätt
language
Swedish
id
3349598
date added to LUP
2013-01-16 12:02:48
date last changed
2013-01-16 12:02:48
@misc{3349598,
  abstract     = {In 2008 the financial market collapsed and what followed was a worldwide recession which the market has yet to fully recover from. OTC-derivatives, which are tailor-made bilateral financial instruments, have in the aftermath of the collapse been accused of being one of the culprits. More specifically, OTC-derivatives are believed to have contributed to the opaque financial market that made it impossible to foresee and to prevent the financial crisis. Thus, Regulation (EU) no 648/2012 on OTC derivatives, central counterparties and trade repositories entered into force on the 4th of July 2012 and imposed mandatory central counterparty clearing for all OTC-derivatives. It is now expected that the regulation will make the financial market more transparent and reduce the total amount of risk by increasing means of netting. Time will tell if the regulation is a successful one, but this thesis aims to determine whether it is possible for the regulation to reach its goal, i.e. if it can create a more stable financial market. 
In theory it is a good idea to reduce total amount of risk and to move the OTC-derivatives market to a more visible platform. However, central counterparty clearing comes with its own set of problems and the regulation is in some parts to soft of a weapon. Thus, regulatory authorities and market participants must closely supervise the development of the financial market and this thesis provides various suggestions as to what should be paid special attention to. The regulation is a good start, but it does not offer a complete solution.},
  author       = {Håkansson, Helena},
  keyword      = {Finansrätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {Central motpartsclearing av OTC-derivat},
  year         = {2012},
}