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date: 27 February 2021

Abstract and Keywords

This Chapter examines the impact of institutionalized financial market infrastructures (FMIs) and of their regulation on the transformation of securities and derivatives markets after the 2007–09 financial crisis. In particular, it considers the role played by FMIs in the expansion of ‘public’ securities and derivatives markets, along with the gradual shrinkage of ‘private’ markets. After providing an overview of the policy approaches underlying international reforms to FMIs in the post-crisis era, the Chapter assesses the conflict between the ‘systemic risk’ and ‘transaction costs’ approaches to financial markets and FMI regulation. It then discusses the transition from ‘private’ to ‘public’ markets, especially in the EU and the US. It also considers the role of trading infrastructures as liquidity providers in both the securities and derivatives markets. The Chapter concludes by analysing how post-trading infrastructures (central clearing houses, central securities depositories, and trade repositories) help promote financial stability and market transparency.

Keywords: financial market infrastructures, financial markets, regulation, securities, derivatives, private markets, transaction costs, public markets, systemic risk, trading infrastructures

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