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The Developing Legal and Regulatory Status of Foreign Currency Options: A Comparative Study

Author

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  • William D. Harrington

    (Professor of Law, St. John's University, New York, New York)

Abstract

In this paper the dynamic growth during the 1980s of both exchange and over-the-counter markets in foreign currency options is outlined. The relevant regulatory structures of U.S., U.K. and Japanese law are compared, and the author argues in particular that the so-called Treasury Amendment of the U.S. Commodity Exchange Act excludes the over-the-counter currency options market from regulatory jurisdiction and that this remains the proper policy choice. Finally, the legal doctrines of impossibility and the currency of damages are explored in the currency options context from a comparative point of view.

Suggested Citation

  • William D. Harrington, 1988. "The Developing Legal and Regulatory Status of Foreign Currency Options: A Comparative Study," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 6(2), pages 29-74, November.
    • Handle: RePEc:ime:imemes:v:6:y:1988:i:2:p:29-74
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    File URL: http://www.imes.boj.or.jp/research/papers/english/me6-2-2.pdf
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    Cited by:

    1. Nobuya Takezawa & Noriyoshi Shiraishi, 1998. "A Note on the Term Structure of Implied Volatilities for the Yen/U.S. Dollar Currency Option," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 5(3), pages 227-236, November.

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