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Bridging the Gap Between the Private and Public Regulation of OTC Derivatives Markets: Analysis of the Performance of the 'Flawed Asset' and Close-out Netting Provisions in the ISDA Master Agreement During the Global Financial Crisis and the Subsequent Regulatory Reforms relating to Central Clearing and Initial and Variation Collateral Margining

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dc.contributor.author Penn, Andrew
dc.date.accessioned 2018-12-13T00:19:53Z
dc.date.accessioned 2022-07-11T23:14:41Z
dc.date.available 2018-12-13T00:19:53Z
dc.date.available 2022-07-11T23:14:41Z
dc.date.copyright 2018
dc.date.issued 2018
dc.identifier.uri https://ir.wgtn.ac.nz/handle/123456789/20886
dc.description.abstract OTC¹ derivatives markets have experienced phenomenal growth since the early days of the markets' development in the late 1970s and 1980s. By December 2008, the Bank for International Settlements reported that the size of global OTC derivatives markets, as measured by the notional value of all outstanding derivatives contracts, was USD 592 trillion.² This astonishing amount represented several times the entire global money supply.³ The cost of replacing all of these outstanding derivatives contracts with equivalent contracts at market price was USD 25 trillion, reflecting the aggregate credit exposure of all market participants.⁴ As one commentator observed, "over-the-counter (OTC) derivatives have emerged as a global behemoth- the '800 pound gorilla' of modem financial markets".⁵ ¹ OTC refers to the term 'over-the-counter'. ² The Bank for International Settlements, BIS Quarterly Review (June 2009). It should be noted that notional value reflects the benchmark against which cash flows are calculated in the context of derivatives transactions and does not reflect the actual value at risk. ³ Above n 2. ⁴ Above n 2. ⁵ Dan Awrey "The Dynamics of OTC Derivatives Regulation: Bridging the Public-Private Divide" (2010) 11(2) E.B.O.R. 155 at 155. en_NZ
dc.format pdf en_NZ
dc.language en_NZ
dc.language.iso en_NZ
dc.publisher Te Herenga Waka—Victoria University of Wellington en_NZ
dc.subject OTC en_NZ
dc.subject Over-the-counter en_NZ
dc.subject Derivative en_NZ
dc.subject Markets en_NZ
dc.title Bridging the Gap Between the Private and Public Regulation of OTC Derivatives Markets: Analysis of the Performance of the 'Flawed Asset' and Close-out Netting Provisions in the ISDA Master Agreement During the Global Financial Crisis and the Subsequent Regulatory Reforms relating to Central Clearing and Initial and Variation Collateral Margining en_NZ
dc.type Text en_NZ
vuwschema.contributor.unit Victoria Law School en_NZ
vuwschema.contributor.unit Faculty of Law / Te Kauhanganui Tātai Ture en_NZ
vuwschema.subject.anzsrcfor 150201 Finance en_NZ
vuwschema.subject.anzsrcfor 150203 Financial Institutions (incl. Banking) en_NZ
vuwschema.subject.anzsrcfor 150312 Organisational Planning and Management en_NZ
vuwschema.subject.anzsrcfor 180109 Corporations and Associations Law en_NZ
vuwschema.subject.anzsrcfor 180110 Criminal Law and Procedure en_NZ
vuwschema.subject.anzsrcfor 180116 International Law en_NZ
vuwschema.subject.anzsrcseo 970115 Expanding Knowledge in Commerce, Management, Tourism and Services en_NZ
vuwschema.subject.anzsrcseo 970118 Expanding Knowledge in Law and Legal Studies en_NZ
vuwschema.type.vuw Masters Research Paper or Project en_NZ
thesis.degree.discipline Law en_NZ
vuwschema.subject.anzsrcforV2 489999 Other law and legal studies not elsewhere classified en_NZ
vuwschema.contributor.school School of Law en_NZ


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