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Global central counterparties

In: Research Handbook on Global Capital Markets Law

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  • Pierre Schammo

Abstract

Central counterparties (CCPs) are an essential part of the global financial system. This chapter charts and reflects on trends affecting the regulation and supervision of CCPs. It pays particular attention to ‘global’ CCPs that must operate in a divided regulatory and supervisory space. In this context, this chapter examines deference arrangements - especially those recently adopted by the CFTC in the US and those enacted in the European Market Infrastructure Regulation, as amended - and asks whether deference is the answer to regulating/supervising global CCPs. This chapter will argue that there are good reasons in theory to think that full deference is not the answer, although in practice deference arrangements continue to prove popular as a pragmatic means to deal with the complexities of regulating/supervising global CCPs.

Suggested Citation

  • Pierre Schammo, 2023. "Global central counterparties," Chapters, in: Iris H.-Y. Chiu & Iain G. MacNeil (ed.), Research Handbook on Global Capital Markets Law, chapter 10, pages 157-171, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20368_10
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    Economics and Finance; Law - Academic;

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