Show Summary Details

Page of

PRINTED FROM OXFORD HANDBOOKS ONLINE (www.oxfordhandbooks.com). © Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a title in Oxford Handbooks Online for personal use (for details see Privacy Policy and Legal Notice).

date: 19 January 2020

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

Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.

Please subscribe or login to access full text content.

If you have purchased a print title that contains an access token, please see the token for information about how to register your code.

For questions on access or troubleshooting, please check our FAQs, and if you can''t find the answer there, please contact us.