The US dollar’s rise in August and the Brazilian Central Bank’s (BCB) interventions in forex markets have started a debate about whether the BCB should keep on intervening as it has been doing, mostly via currency derivatives markets, or if it should also be selling its international reserves.
Should Brazil’s central bank be selling foreign reserves?
Márcio Garcia, 25 September 2013
Mapping the two-way risks in exchange-traded platforms
Venkatachalam Shunmugam, 19 March 2011
Over the past three decades derivatives have become critical to the existence of transparent, exchange-traded markets the world over. Particularly in the last few years, the exchange-traded derivatives segment has witnessed remarkable growth driven by path-breaking innovations in products and technology – largely spurred by competition. The benefits have been many.
Short selling and OTC derivatives policy options
Carlos Tavares, 9 January 2011
“In light of some global positive signs (…) a tendency to downplay the severity of the current crisis may emerge, accompanied by a reluctance to recognise the need for financial reforms. There is therefore a risk that urgently required regulatory measures are neither fully considered nor implemented in an appropriate way.
Financial markets regulation: The tipping point
Venkatachalam Shunmugam, 18 May 2010
While over-the-counter markets for collateralised debt obligations and credit default swaps are blamed for the financial crisis of 2007-2009, what has been overlooked is the menace of rising opacity in the exchange-traded market. This raises questions about the fundamentals of this market’s very existence, i.e.
OTC derivatives market in India: Recent regulatory initiatives and measures for market stability
Dayanand Arora, Francis Xavier Rathinam , 11 May 2010
Many believe that over-the-counter (OTC) derivatives exacerbated the global crisis. As a result, a lot of regulatory attention is being focused on how to deal with OTC markets. The financial crisis has also intensified the debate over the limited development of post-trading infrastructure for OTC derivatives.
Market failure or market-existence failure?
Harald Hau, 17 April 2010
The heroes in Michael Lewis latest book The Big Short are different short sellers speculating against the lending excess in the US mortgage market in the run-up to its collapse.1 They undertake the fundamental analysis which so many financial institutions dispensed with and arrive independently at their dooms prediction.
Systemic risk and deposit insurance premiums
Viral Acharya, 4 September 2009
We stand at interesting crossroads. Increased financial regulation is coming (Masciandaro and Quintyn 2009). Bold plans are being proposed for:
A case for (even) more transparency in the OTC markets
Viral Acharya, Robert Engle, 29 August 2009
Though over-the-counter (OTC) markets have successfully exchanged financial contracts for decades, they played a prominent role in causing and aggravating the ongoing crisis. After all, most of the toxic assets plaguing financial institutions were purchased in OTC markets.
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