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Recent regulatory initiatives in the United States have again raised the issue of a 'level regulatory and supervisory playing field' and the degree of competition globally between over-the-counter (OTC) derivatives and organized derivative exchange (ODE) markets. This paper models some important aspects of how an ODE market interrelates with the OTC markets. It analyzes various ways in which an ODE market can respond to competition from the OTC markets and considers whether ODE markets would actually benefit from a more level playing field. Among other factors, such as different transaction costs, different abilities to mitigate credit risk play a significant role in determining the degree of competition between the two types of markets. This implies that a potentially important service ODE markets can provide OTC market participants is to extend clearing services to them. Such services would allow the OTC markets to focus more on providing less competitive contracts/innovations and instead customize its contracts to specific investors' risk preferences and needs.

Derivative securities --- Over-the-counter markets --- OTC markets --- Over-the-counter securities --- Unlisted securities markets --- Securities --- Mathematical models. --- Banks and Banking --- Finance: General --- International Financial Markets --- Financial Institutions and Services: Government Policy and Regulation --- General Financial Markets: General (includes Measurement and Data) --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Finance --- Financial services law & regulation --- Hedging --- Credit risk --- Competition --- Derivative markets --- Financial markets --- Financial regulation and supervision --- Financial instruments --- Financial risk management --- United States

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The analysis of currency and maturity mismatches in sectoral balance sheets has increasingly become a regular element in the IMF’s tool kit for surveillance in emerging market countries. This paper describes this so-called balance sheet approach and shows how it can be applied to detect vulnerabilities and shape policy advice. It also provides a broad-brushed overview of how balance sheet vulnerabilities have evolved over the past decade and cites a number of case studies.

Financial statements --- Debts, External --- Financial crises --- Crises financières --- États financiers --- Dettes extérieures --- Balance sheets --- Corporate financial statements --- Earnings statements --- Financial reports --- Income statements --- Operating statements --- Profit and loss statements --- Statements, Financial --- Accounting --- Bookkeeping --- Business records --- Corporation reports --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Money and Monetary Policy --- Public Administration --- Public Sector Accounting and Audits --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- Public Enterprises --- Public-Private Enterprises --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial reporting, financial statements --- Banking --- Public finance & taxation --- International economics --- Civil service & public sector --- Monetary economics --- Public debt --- Commercial banks --- External debt --- Public sector --- Public financial management (PFM) --- Financial institutions --- Currencies --- Money --- Finance, Public --- Banks and banking --- Debts, Public --- Slovak Republic