CONTENTS
Terms of Reference
Summary
Chapter 1: Introduction
Types of derivatives
Box 1: The size of the OTC derivatives market
in June 2009
The Commission Communications
Box 2: European Securities and Markets Authority
Box 3: The US and Asian approach to the regulation
of derivatives markets
Chapter 2: Derivatives: benefits and risks
Economic and commercial advantages of
derivatives
Risks posed by derivatives
Box 4: Credit default swaps
The role of derivatives in the financial
crisis of 2008
Box 5: Netting agreements
Chapter 3: Trade Repositories
The location, regulation and supervision
of trade repositories
Chapter 4: Standardisation and central counterparty
clearing of OTC derivatives contracts
Box 6: Standardisation of derivatives
What does a CCP do and how does it operate?
Box 7: Core Functions in Clearing, Settlement
and Custody
Figure 1: Bilateral Vs CCP Clearing
Will increasing the proportion of contracts
cleared centrally increase stability?
Standardisation and central clearing
Central clearing: should it be made mandatory,
incentivised through capital charges or both?
Capital treatment
The effect on non-financial businesses
Box 8: Non-financial institutions use of
derivatives
Chapter 5: The EU regulation of CCP clearing
houses
What does the Commission propose?
Proposals for legislation on CCP minimum
standards
Supervision of CCPs
Separation of collateral
Box 9: Lehman Brothers' involvement in OTC
derivatives and financial crisis
CCP competition
Systemic risk
Chapter 6: Summary of Conclusions
Appendix 1: EU Sub-Committee A (Economic
and Financial Affairs, and International Trade)
Appendix 2: List of Witnesses
Appendix 3: Call for Evidence
Appendix 4: Glossary
Oral and Written Evidence
Oral evidence, 2 February 2010
Oral evidence, 9 February 2010
Written evidence
NOTE:
(Q) refers to a question in oral evidence
(p) refers to a page of written evidence
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