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Regulatory overview about over the counter (OTC) derivatives markets after the global financial crisis of 2008

Year 2013, Volume: 24 Issue: 84, 95 - 114, 01.01.2013

Abstract

With the emergence of the existing global financial crisis at the beginning of 2008, it has been understood that new laws and regulations are required for the OTC markets. After the growth of the crisis without any delay and with the purpose of enhancing the reliability of these markets, many countries (primarily USA and EU countries) and some international organizations have immediately implemented new rules and regulations and studies have started in order to create an international supervision and audit standard and to form new audit/supervision authorities, to increase reporting facilities and to increase exchange of information on an international scale and also to set new standards for audit firms. Implementation of CCPs for counterparty credit risk mitigation and for facilitating the central monitoring for OTC markets is a crucial part of these efforts. By this study, an attempt has been made to give information and to analyze about CCPs and rules and regulations about related markets (Dodd-Frank, Wall Street Reform and Consumer Protection Act, European Market Infrastructure Regulation-EMIR) and the developments in our country.

References

  • Bankacılık Düzenleme ve Denetleme Kurumu. (2011). Risk Bülteni. Ankara: BDDK Bankacılık Düzenleme ve Denetleme Kurumu. (2010). Sorularla Basel III. Ankara: BDDK
  • Basel Committee on Banking Supervision. (2012). Capital Requirements For Bank Exposures To Central Counterparties. Basel: Basel Committee on Banking Supervision Braude,Jonathan, (2012), “NYSE-Deutsche Börse? The City Might Shrug”, 28 Kasım 2012 tarihinde http://www.thedeal.com/magazine/ID/044056/2012/nysedeutsche-borse-the-city-might-shrug.php adresinden erişildi
  • CME Group (2012) “Summary of Requirements for CME, CBOT, NYMEX and COMEX Clearing Membership And OTC Derivatives Clearing Membership” 17 Temmuz 2012 tarihinde http://www.cmegroup.com/company/membership/files/Summary-of-CMEG-Clearing-Membership- Requirements.pdf adresinden erişildi
  • Commerzbank AG (2011), Regulatory Requirements Around Central Clearing and Their Impact on OTC Derivatives: Frankfurt: Commerzbank AG Ely, S, (2011), “The Future of Clearing for OTC Derivatives” 13 Temmuz 2012 tarihinde http://derivsource.com/articles/future-clearing-otc-derivatives adresinden erişildi
  • FSB (2012) “OTC Derivatives Market Reforms Third Progress Report on Implementation” 10 Temmuz 2012 tarihinde http://theotcspace.files. wordpress.com/2012/07/fsb-progress-report-on-otcderivatives
  • pdf adresinden erişildi
  • ISDA (2011) “OTC Derivatives Market Analysis” 17 Kasım 2012 tarihinde http://www2.isda.org/functional-areas/research/studies/ adresinden erişildi
  • Kentouris, C. (2011) “ISDA Picks DTCC to Create New Interest Rate Trade Repository” 18 Kasım 2012 tarihinde http://www.securitiestechnologymonitor.com/news/swaps-dtcc-registration-cftc- 29475-1.html adresinden erişildi
  • KPMG Financial Services. (2010). Dodd-Frank Act: Regulation of Over-the-Counter Derivatives, Regulatory Practice. ABD: KPMG
  • Morss, Elliott, (2012), “The Big Banks Just Keep on Growing, Global Economic Intersection” 18 Mayıs 2012 tarihinde http://econintersect.com/wordpress/?p=19634 adresinden erişildi
  • Pricewaterhousecoopers. (2010). “The New Basel III Framework” 21 Mart 2012 tarihinde http://www.pwc.com/us/en/financial-services/publications/viewpoints/assets/viewpoint-Basel- III.pdf adresinden erişildi
  • SEC. (2010). “Dodd Frank Act” 21 Mart 2012 tarihinde http://www.treasury.gov/initiatives/Documents/Volcker%20sec%20%20619%20study%20final%2 01%2018%2011%20rg.pdf adresinden erişildi
  • Skadden, Arps, Slate Flom LLP & Affiliates. (2011). “Dodd-Frank Rulemaking: Volcker Rule and SIFI Proposals” 16 Kasım 2012 tarihinde http://www.skadden.com/evites/NY/Dodd_Frank_Rule_Making_Volcker_Rule_and_SIFI_Proposa ls_111711.pdf adresinden erişildi
  • Slaughter and May. (2010). “Regulation of OTC Derivatives and an Introduction to Client Clearing” 22 Mart 2012 tarihinde http://www.slaughterandmay.com/media/1488121/financing-briefingregulation- of-otc-derivatives-and-introduction-to-client-clearing.pdf adresinden erişildi
  • Smith, H, (2012), “EMIR: EU Regulation of OTC Derivatives, Central Counterparties and Trade Repositories” 27 Haziran 2012 tarihinde http://www.herbertsmith.com/NR/rdonlyres/ 80CD5AFE- 5880-4BB2-9C79-23C76D07EEEF/0 /EMIRBriefingMarchversion.pdf adresinden erişildi
  • TCMB. (2011). Finansal İstikrar Raporu. Ankara: TCMB TCMB. (2011). Finansal İstikrar Raporu. Ankara: TCMB The Bank of England. (2010). Financial Stability Report, Londra: Park Communications Limited. Issue 28(46)
  • The Economist. (2012) “Over-Regulated America” 4 Nisan 2012 tarihinde http://www.economist.com/node/21547789 adresinden erişildi.

2008 Küresel finansal krizi sonrası tezgah üstü türev piyasalara yönelik düzenlemeler

Year 2013, Volume: 24 Issue: 84, 95 - 114, 01.01.2013

Abstract

2008 yılı başında ortaya çıkan küresel finansal krizle birlikte, tezgah üstü türev piyasalara yeni düzenlemeler getirilmesi gerektiği anlaşılmıştır. Krizin derinleşmesinin ardından vakit kaybedilmeksizin bu piyasaların daha güvenli hale getirilmesi amacıyla, başta Amerika Birleşik Devletleri (ABD) ve Avrupa Birliği (AB) ülkeleri olmak üzere pek çok ülke ve bazı uluslararası örgütlerce yeni düzenlemelere gidilerek; finans sistemine yönelik uluslararası boyutta bir gözetim ve denetim standardı getirilmesi, yeni denetim/gözetim otoriteleri oluşturulması, raporlama olanaklarının artırılması, uluslararası ölçekte bilgi alışveriş düzeyinin yükseltilmesi ve denetim şirketleri için yeni standartlar getirilmesi çalışmalarına başlanmıştır. Bu kapsamdaki çalışmaların önemli bir bölümünü de, tezgah üstü türev piyasalarda karşı taraf kredi riskinin azaltılması ve merkezi izlemenin kolaylaştırılması için kurulan merkezi karşı taraf kuruluşlarının hayata geçirilmesi oluşturmaktadır. Bu çalışmada, merkezi karşı taraf (Central Counterparty --- CCP) sistemi ve anılan piyasalarla ilgili yeni getirilen düzenlemeler, kurallar (Dodd Frank Kanunu “Dodd-Frank Wall Street Reform and Consumer Protection Act”, AB Düzenlemeleri “European Market Infrastructure Regulation-EMIR”) ile ülkemizdeki gelişmeler hakkında bilgi verilmeye, durum analiz edilmeye çalışılmıştır.

References

  • Bankacılık Düzenleme ve Denetleme Kurumu. (2011). Risk Bülteni. Ankara: BDDK Bankacılık Düzenleme ve Denetleme Kurumu. (2010). Sorularla Basel III. Ankara: BDDK
  • Basel Committee on Banking Supervision. (2012). Capital Requirements For Bank Exposures To Central Counterparties. Basel: Basel Committee on Banking Supervision Braude,Jonathan, (2012), “NYSE-Deutsche Börse? The City Might Shrug”, 28 Kasım 2012 tarihinde http://www.thedeal.com/magazine/ID/044056/2012/nysedeutsche-borse-the-city-might-shrug.php adresinden erişildi
  • CME Group (2012) “Summary of Requirements for CME, CBOT, NYMEX and COMEX Clearing Membership And OTC Derivatives Clearing Membership” 17 Temmuz 2012 tarihinde http://www.cmegroup.com/company/membership/files/Summary-of-CMEG-Clearing-Membership- Requirements.pdf adresinden erişildi
  • Commerzbank AG (2011), Regulatory Requirements Around Central Clearing and Their Impact on OTC Derivatives: Frankfurt: Commerzbank AG Ely, S, (2011), “The Future of Clearing for OTC Derivatives” 13 Temmuz 2012 tarihinde http://derivsource.com/articles/future-clearing-otc-derivatives adresinden erişildi
  • FSB (2012) “OTC Derivatives Market Reforms Third Progress Report on Implementation” 10 Temmuz 2012 tarihinde http://theotcspace.files. wordpress.com/2012/07/fsb-progress-report-on-otcderivatives
  • pdf adresinden erişildi
  • ISDA (2011) “OTC Derivatives Market Analysis” 17 Kasım 2012 tarihinde http://www2.isda.org/functional-areas/research/studies/ adresinden erişildi
  • Kentouris, C. (2011) “ISDA Picks DTCC to Create New Interest Rate Trade Repository” 18 Kasım 2012 tarihinde http://www.securitiestechnologymonitor.com/news/swaps-dtcc-registration-cftc- 29475-1.html adresinden erişildi
  • KPMG Financial Services. (2010). Dodd-Frank Act: Regulation of Over-the-Counter Derivatives, Regulatory Practice. ABD: KPMG
  • Morss, Elliott, (2012), “The Big Banks Just Keep on Growing, Global Economic Intersection” 18 Mayıs 2012 tarihinde http://econintersect.com/wordpress/?p=19634 adresinden erişildi
  • Pricewaterhousecoopers. (2010). “The New Basel III Framework” 21 Mart 2012 tarihinde http://www.pwc.com/us/en/financial-services/publications/viewpoints/assets/viewpoint-Basel- III.pdf adresinden erişildi
  • SEC. (2010). “Dodd Frank Act” 21 Mart 2012 tarihinde http://www.treasury.gov/initiatives/Documents/Volcker%20sec%20%20619%20study%20final%2 01%2018%2011%20rg.pdf adresinden erişildi
  • Skadden, Arps, Slate Flom LLP & Affiliates. (2011). “Dodd-Frank Rulemaking: Volcker Rule and SIFI Proposals” 16 Kasım 2012 tarihinde http://www.skadden.com/evites/NY/Dodd_Frank_Rule_Making_Volcker_Rule_and_SIFI_Proposa ls_111711.pdf adresinden erişildi
  • Slaughter and May. (2010). “Regulation of OTC Derivatives and an Introduction to Client Clearing” 22 Mart 2012 tarihinde http://www.slaughterandmay.com/media/1488121/financing-briefingregulation- of-otc-derivatives-and-introduction-to-client-clearing.pdf adresinden erişildi
  • Smith, H, (2012), “EMIR: EU Regulation of OTC Derivatives, Central Counterparties and Trade Repositories” 27 Haziran 2012 tarihinde http://www.herbertsmith.com/NR/rdonlyres/ 80CD5AFE- 5880-4BB2-9C79-23C76D07EEEF/0 /EMIRBriefingMarchversion.pdf adresinden erişildi
  • TCMB. (2011). Finansal İstikrar Raporu. Ankara: TCMB TCMB. (2011). Finansal İstikrar Raporu. Ankara: TCMB The Bank of England. (2010). Financial Stability Report, Londra: Park Communications Limited. Issue 28(46)
  • The Economist. (2012) “Over-Regulated America” 4 Nisan 2012 tarihinde http://www.economist.com/node/21547789 adresinden erişildi.
There are 17 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Hasan Yaşar Şababoğlu This is me

Publication Date January 1, 2013
Published in Issue Year 2013 Volume: 24 Issue: 84

Cite

APA Şababoğlu, H. Y. (2013). 2008 Küresel finansal krizi sonrası tezgah üstü türev piyasalara yönelik düzenlemeler. Bankacılar, 24(84), 95-114.
AMA Şababoğlu HY. 2008 Küresel finansal krizi sonrası tezgah üstü türev piyasalara yönelik düzenlemeler. Bankacılar. January 2013;24(84):95-114.
Chicago Şababoğlu, Hasan Yaşar. “2008 Küresel Finansal Krizi Sonrası Tezgah üstü türev Piyasalara yönelik düzenlemeler”. Bankacılar 24, no. 84 (January 2013): 95-114.
EndNote Şababoğlu HY (January 1, 2013) 2008 Küresel finansal krizi sonrası tezgah üstü türev piyasalara yönelik düzenlemeler. Bankacılar 24 84 95–114.
IEEE H. Y. Şababoğlu, “2008 Küresel finansal krizi sonrası tezgah üstü türev piyasalara yönelik düzenlemeler”, Bankacılar, vol. 24, no. 84, pp. 95–114, 2013.
ISNAD Şababoğlu, Hasan Yaşar. “2008 Küresel Finansal Krizi Sonrası Tezgah üstü türev Piyasalara yönelik düzenlemeler”. Bankacılar 24/84 (January 2013), 95-114.
JAMA Şababoğlu HY. 2008 Küresel finansal krizi sonrası tezgah üstü türev piyasalara yönelik düzenlemeler. Bankacılar. 2013;24:95–114.
MLA Şababoğlu, Hasan Yaşar. “2008 Küresel Finansal Krizi Sonrası Tezgah üstü türev Piyasalara yönelik düzenlemeler”. Bankacılar, vol. 24, no. 84, 2013, pp. 95-114.
Vancouver Şababoğlu HY. 2008 Küresel finansal krizi sonrası tezgah üstü türev piyasalara yönelik düzenlemeler. Bankacılar. 2013;24(84):95-114.