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Research of Credit Default Swaps’ Regulation

Author: XuYingYing
Tutor: ZengYang
School: Nanjing University
Course: Legal
Keywords: Credit default swaps Financial crisis The risk of credit default swaps Regulatory approach Regulatory measures
CLC: D912.28
Type: Master's thesis
Year: 2011
Downloads: 132
Quote: 0
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Abstract


Credit default swaps referred to as the CDS, is a kind of use of a wide range of credit derivatives, which generate more than 10 years, the rapid expansion of the scale of nature also changed. It is these changes, increasing the risk of credit default swaps, makes it play a huge negative role in the global financial crisis. Start from the basic meaning of the credit default swaps, described its principle of operation, focused on the nature of the credit default swap is a financial derivative instruments, and alienation in the continuous development is not based on the physical assets of bare CDS. The transformation of this nature is a the CDS huge risk. Nature to clarify, let us determine the supervision of the CDS should be placed under the regulatory framework of the financial derivatives; specific regulatory mode, the judgment of CDS nature at the same time, the different regulatory agencies, so this also cleared the way for specific regulatory regime and measures discussed below. The next chapter, article from a risk point of view to explore the need for regulation of CDS. First, I combined the financial crisis, analysis of the role played by the CDS crisis: zoom risk, as well as expanded risk conduction with the linkage between the different financial institutions. Then, the author based on the performance of the CDS in the financial crisis and its own particularity, the risk of the CDS is divided into the pricing model defects caused by the absence of regulation risks; OTC; liquidation risk aspects. The cause of these sources of risk, including imperfect credit rating system lead to counterparty credit risk; CDS scale is too large; the CDS transaction has excessive speculative; breadth of participants; lack of CDS regulation. Addition to these factors, in addition to the lack of supervision factors directly called for the establishment of the regulatory regime of the CDS, and other sources of risk, should be through the regulatory system to resolve. Only CDS regulation, to be able to effectively guard against and defuse the risk of CDS in order to protect the stability of the entire financial market. Therefore, in this part of the last, the author explains the need for regulation of CDS: First, the huge CDS market; CDS has a huge risk with extensive trade subject; Third, the CDS market is easy to produce a huge bubble , three requirements must be established for the supervision of the CDS; Fourth, the lack of internal risk management of financial institutions must implement external regulation. The third chapter describes the mode of regulation of financial derivatives. The regulatory system is divided into two kinds of government and self-discipline, the two systems have their own advantages and disadvantages, and I believe that the CDS market, we can not just rely on self-regulation, we must rely on the coercive power of government, complemented by the norms of self-regulatory organizations, in order to achieve adequate supervision, which is also in line with the trend of the development of the financial regulatory system in the world. OTC derivatives, there are different regulatory approach, divided into domestic regulators and foreign regulators, including domestic regulatory approach has multi-regulatory approach, a single regulatory model and administrative supervision model points. Different regulatory regimes and regulatory mode of CDS means of supervision and the difficulty is different. Differences in regulatory regime and regulatory mode decision by a country's national conditions, countries CDS regulatory measures must meet the national regulatory system and over-the-counter derivatives regulation mode. The fourth chapter is the introduction of the CDS specific regulatory measures. Regulatory regime and regulatory model is relatively more macro in nature, but also from the point of view of the entire financial derivatives, which under but also through a variety of specific regulatory measures to make the entire regulatory system to plump up operability especially to reflect the characteristics of CDS is different from other financial derivatives. Due to our lack of practice, the author describes the main market of the CDS, the U.S. and European regulatory measures. Because the United States and some European countries are different financial regulatory system and the mode of regulation of OTC derivatives, so the two regulatory measures. By comparison, you can still judge the measures of the United States and Europe to reduce counterparty risk; reduce operational risk; increase transparency; strengthen market integrity and regulatory consistency. These specific measures can become our reference means. Open because of the credit derivatives market, the CDS trading will start in our development. In the fifth chapter, the author briefly describes the CDS process introduced in China, combined with the current regulatory status of our country, pointed out that the lack of regulations in China's regulatory regime; regulatory body dispersion; lack of information disclosure; transparency is low; lack of proper supervision system and other issues. We must learn and experience and foreign regulatory practice. Finally, the author proposes a CDS regulatory regime of the establishment of several suggestions, including: strengthen legislative work; strengthen information disclosure, increased transparency of transactions; take more risk control measures; strengthen self-regulation; improve the credit rating market; cooperation with the International between cooperation.

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CLC: > Political, legal > Legal > UNIVERSITY > Financial Law
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