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Against the background of the economic dynamics of financial markets, this book examines the EU regulatory and supervisory framework for central counterparties (CCPs) that clear derivative contracts. The book combines a deep technical regulatory analysis of the applicable EU and US rules with a policy-oriented perspective, offering novel insights for both policymakers and practitioners, particularly with respect to CCP market access regimes.Years before the 2008 financial crisis, Wall Street magnate Warren Buffett described derivative contracts as “financial weapons of mass destruction”. This book analyzes why and how—in a bid to discharge the destructive forces that derivatives may entail—international policy initiatives have converted CCPs for derivatives into the nuclear powerhouses of modern financial markets. Trillions of euros now change hands through these institutions every year. This risk centralization has turned CCPs into powder kegs with the potency to ignite financial and economic crises. Viewed through this lens, regimes for CCP market access constitute a pivotal safety valve for financial stability. In the post-Brexit era, the question of how this safety valve ought to be designed has taken center stage in the political arena but has remained vastly undertheorized.By examining how CCPs serve as risk managers and loss absorbers, under what conditions they can become sources of financial instability, and how the body of literature on the different emanations of systemic risk may be applied to the market for centrally cleared derivatives, this book develops a framework for thinking about the structure of CCP market access regimes. The book then employs this framework to assess the EU rules for CCP market access. The outcome of this exercise suggests that the increasingly inward-looking EU approach towards CCP market access may not promote financial stability.

European law --- Financial law --- European Union --- E-books --- financieel recht --- Dut.

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Company law. Associations --- Belgium --- 347.72 --- BPB2105 --- droit des sociétés --- société commerciale --- vereniging --- Belgique --- STRADALEX --- 347.72 Handelsvennootschappen: statuut, aandeelhouder, patrimonium, inbreng, winst en verlies, algemene vergadering, raad van beheer, toezicht. Vennootschaprecht --- Handelsvennootschappen: statuut, aandeelhouder, patrimonium, inbreng, winst en verlies, algemene vergadering, raad van beheer, toezicht. Vennootschaprecht --- Belgia Kuningriik --- Beļģijas Karaliste --- Royaume de Belgique --- Belgian kuningaskunta --- Belgické kráľovstvo --- Koninkrijk België --- Belgijos Karalystė --- das Königreich Belgien --- Βασίλειο του Βελγίου --- Kingdom of Belgium --- Кралство Белгија --- Краљевина Белгија --- Belgické království --- Reino de Bélgica --- ir-Renju tal-Belġju --- Regatul Belgiei --- Kongeriget Belgien --- Кралство Белгия --- Mbretëria e Belgjikës --- Belga Királyság --- Królestwo Belgii --- Konungariket Belgien --- Reino da Bélgica --- Kraljevina Belgija --- Regno del Belgio --- Bélgica --- Belgija --- Belgien --- Belgie --- Belgicko --- België --- Beļģija --- Белгија --- Belgio --- Белгия --- Belgia --- il-Belġju --- An Bheilg --- Βέλγιο --- Belgjika --- agrupación --- organizatë mbi baza anëtarësie --- σύλλογος --- szövetség --- klubas --- association --- raggruppamento --- jäsenille tarkoitettu järjestö --- članstvo u organizaciji --- членување --- organizācija, kurā tiek uzņemti biedri --- ühing --- spolek --- kerho --- asociace --- narystės organizacija --- клуб --- társadalmi szervezet --- udruženje --- Verein --- club --- Verband --- membership organisation --- sociedad (asociación) --- klubi --- assotsiatsioon --- членство --- klubs --- členská organizácia --- σωματείο --- придружување --- agrupamento --- klub --- асоцијација --- sammenslutning --- здружување --- groepering --- ühendus --- sdružení --- järjestö --- shoqatë --- egyesület --- stowarzyszenie --- Vereinigung --- asociación --- здружение --- ένωση --- asociație --- udruga --- apvienība --- associação --- združenje --- assoċjazzjoni --- comhlachas --- associazione --- forening --- združenie --- asociacija --- удружење --- förening --- сдружение --- firma podle obchodního zákoníku --- erhvervsdrivende selskab --- komerčná firma --- komerclikuma darbības uzņēmums --- kaubanduslik äriühing --- firma vytvořená podle obchodního práva --- firma, na niž se vztahuje obchodní zákoník --- komercijalno poduzeće --- firmă comercială --- firmë tregtare --- komercinė firma --- commercial firm --- komerční firma --- sociedade comercial --- trgovinska družba --- sociedad mercantil --- società commerciale --- ditta rregolata mid-dritt kummerċjali --- kereskedelmi társaság --- firm governed by commercial law --- komercinė bendrovė --- gnólacht faoi rialú an dlí tráchtála --- društvo na koje se primjenjuje trgovačko pravo --- търговско дружество --- handelsretligt selskab --- uzņēmums, kurš darbojas saskaņā ar komerclikumu --- handelsrättslig association --- spółka handlowa --- εμπορική εταιρεία --- firma upravovaná komerčným právom --- societate comercială --- трговско друштво --- друштво на које се примењује трговинско право --- äriõiguslik äriühing --- Handelsgesellschaft --- handelsmaatschappij --- kaupallinen yhtiö --- firmë e rregulluar nga e drejta tregtare --- diritto aziendale --- direito das empresas --- право на трговските друштва --- bolagsrätt --- Δίκαιο των εταιριών --- diritto societario --- ondernemingsrecht --- įmonių įstatymas --- droit des entreprises --- bendrovių įstatymas --- uzņēmējsabiedrības tiesības --- Δίκαιο των επιχειρήσεων --- видови трговски друштва --- pravo družb --- dlí na gcuideachtaí --- právo společností --- dritt soċjetarju --- diritto delle società --- právo obchodných spoločností --- Derecho de sociedades --- direito das sociedades comerciais --- uzņēmējsabiedrības likums --- pravo trgovačkih društava --- company law --- associationsrätt --- e drejtë e shoqërive tregtare --- äriühinguõigus --- prawo o spółkach --- yhtiöoikeus --- право на трговско друштво --- selskabsret --- Gesellschaftsrecht --- εταιρικό δίκαιο --- társasági jog --- vennootschapsrecht --- право на сдружения --- bendrovių teisė --- право трговачких друштава --- dreptul societăților comerciale --- Sociétés --- Entreprises --- Associations sans but lucratif. --- Fondations (droit) --- Droit --- Droit. --- Réforme. --- Belgique. --- Corporation law --- Nonprofit organizations --- Charitable uses, trusts, and foundations --- Directors of corporations --- Associations sans but lucratif --- Fondations (Droit) --- Administrateurs de sociétés --- Law and legislation --- Legal status, laws, etc. --- E-books --- droit des sociétés --- société commerciale --- BPB9999. --- Handelsvennootschappen: statuut, aandeelhouder, patrimonium, inbreng, winst en verlies, algemene vergadering, raad van beheer, toezicht. Vennootschaprecht.