Český finanční a účetní časopis 2013(4):137-144 | DOI: 10.18267/j.cfuc.362

Reform of the OTC Derivatives Markets

Petr Dvořák
Doc. Ing. Petr Dvořák, Ph.D. - docent; Katedra bankovnictví a pojišťovnictví, Fakulta financí a účetnictví Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3; <dvorakp@vse.cz>.

The objective of this contribution is not only to explain the position of financial derivatives on global financial markets, but also evaluate their impact on the operation of financial systems. The core of this contribution is dedicated to the OTC derivatives instruments that in the period before the outbreak of global financial crisis were not subjected to almost any regulation, except for some dishonest practices. Institutional response to the global financial crisis however changed significantly the regulatory-supervisory approach also to the OTC derivatives markets. The global regulatory approach introduced quite promptly regulation of important OTC instruments and increases powers of supervisory authorities

Keywords: Financial derivatives; OTC derivatives; Regulation and supervision; Global financial crisis.
JEL classification: G21

Published: December 1, 2013  Show citation

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Dvořák, P. (2013). Reform of the OTC Derivatives Markets. Czech Financial and Accounting Journal, 2013(4), 137-144. doi: 10.18267/j.cfuc.362
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