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

Hasan Yaşar Şababoğlu

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.

Keywords

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2008 Küresel finansal krizi sonrası tezgah üstü türev piyasalara yönelik düzenlemeler

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.

Keywords

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