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A comaparative analysis of Dodd-Frank and EMIR and their impact on the OTC derivatives market
Patrycja Staszewska
Abstract
The publication presents a comparative analysis of new regulations in American and European law which aim to reduce systemic risk in the financial market. The new legislations: Dodd–Frank Act Title VII, pertaining to US Persons, and The European Market Infrastructure Regulation (EMIR), applicable to European entities were implemented as a result of the Global Financial Crisis, which affected all markets worldwide in 2007. The publication is divided into three chapters. The first chapter contains a genesis and systematic analysis of market conditions which led to the global financial crisis (GFC). In the second chapter a comparative analysis was conducted of the two main regulations implemented as a result of the GFC. The main categories in the scope of comparison were the financial product type, entities subject to regulation, territoriality, clearing obligations, reporting obligations and the right to engage in proprietary trading. The last chapter covers an analysis of the newly implemented reforms and the impact they will have on the entities in scope. Increased transparency and regulation, as well as standardization of products are bound to raise costs, particularly in the short run. Global business strategies will have to factor in the costs and benefits associated with participating in the OTC derivatives market.
Keywords:
Dodd-Frank, EMIR, global financial crisis, systemic riskDetails
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This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.