In a working paper published by the London School of Economics, Visiting Professor David Murphy recommended improvements to regulatory review, and used the requirement of mandatory clearing of OTC derivatives as a case study.
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The authors of a Swiss Institute Research paper found that trading volumes are larger and transaction costs are higher in the "dealer-to-client" trades than "interdealer trades" of the credit default swaps ("CDS") market. According to the finance professors Pierre Collin-Dufresne and Anders B. Trolle , et al. , the CDS market has been functioning as a "two-tiered market" since the implementation of Dodd-Frank, consisting of client trades and interdealer trades. The difference in transaction costs, the authors determined, is due to (i) a "higher price impact of [client] trades" and (ii) the
The Office of Financial Research described an approach to create a terms and reference database and standard document formats for financial reporting.
Office of Financial Research analysts "quantif[ied] the potential direct economic benefits to market participants and increased risks to CCPs of moving bilateral repo transactions between U.S. dealers and their non dealer clients to CCPs."
The Office of Financial Research academics analyzed the effects of "procyclical" central counterparty margin requirements.