The Governance and Regulation of International Finance

The Governance and Regulation of International Finance

Private Regulation series

Geoffrey P. Miller and Fabrizio Cafaggi

This thought-provoking book adds a new perspective to the analysis of how regulation should respond to the global financial crisis of 2008–2009. It focuses on the ‘private’ as opposed to ‘public’ aspect of regulation, and highlights the works of the public–private dialectic in regulation and enforcement.

Chapter 2: Private regulation in the credit default swaps market: the role of ISDA in the new regulatory scenario of CDSs

Geoffrey P. Miller and Fabrizio Cafaggi

Subjects: economics and finance, financial economics and regulation, law - academic, finance and banking law, regulation and governance


The recent financial crisis has focused attention on credit derivatives and, among them, credit default swaps (CDSs). These contracts arose in response to the demand by financial institutions for a mean of hedging and diversifying credit risk. They are designed to measure and manage credit risk by providing insurance against potential losses suffered due to credit events. The aim of this chapter is to analyze, from a general perspective, over-the-counter (OTC) derivatives and to focus on the CDS market before and after the financial turmoil, paying specific attention to the role of private regulation and enforcement.

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