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Regulating derivatives: A fundamental rethinking

Schwarcz, Steven L

Duke law journal, 2020-12, Vol.70 (3), p.545-606 [Periódico revisado por pares]

Durham, NC USA: Duke University School of Law

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  • Título:
    Regulating derivatives: A fundamental rethinking
  • Autor: Schwarcz, Steven L
  • Assuntos: Analysis ; Capital assets ; Contracts ; Derivatives (Financial instruments) ; Fundamental analysis (Finance) ; Laws, regulations and rules ; Market risk ; Moral hazard ; Prevention ; Risk management ; Set (Psychology) ; Social media ; Suretyship and guaranty
  • É parte de: Duke law journal, 2020-12, Vol.70 (3), p.545-606
  • Notas: Informit, Melbourne (Vic)
    Duke Law Journal, Vol. 70, No. 3, Dec 2020, 545-606
  • Descrição: The conventional wisdom is that derivatives are exotic and uniquely risky, although innovative, financial instruments. That perception has given rise to a regulatory patchwork described as "confusing, incomplete, [and] contradictory." This Article rethinks how derivatives should be regulated. It begins by demystifying derivatives. In contrast to the arcane industry-derived categories, the Article deconstructs derivatives more intuitively, by their economic functions, into two categories of traditional legal instruments-option contracts and guarantees. Being neither exotic nor uniquely risky, most derivatives should be regulated like those traditional instruments. The Article then explains why at least one subset of guarantees-financial guarantees with systemically important counterparties, which are epitomized by credit-default swap derivatives-can seriously threaten economic stability and why the absence of an insurable-interest requirement can further magnify that threat. Finally, the Article examines how to design regulation that efficiently targets that threat.
  • Editor: Durham, NC USA: Duke University School of Law
  • Idioma: Inglês
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