Journal Article
OTC Derivatives—A Primer on Market Infrastructure and Regulatory Policy
Ruffini, Ivana; Steigerwald, Robert (2014-07)
In this article, we discuss some recent developments relating to the regulation of derivatives markets, specifically the Group of Twenty (G-20) mandates, and examine the infrastructure that supports derivatives markets (including both the trade execution and post-trade clearing and settlement processes). Then we identify some of the policy issues raised by the G-20 market structure mandates. To provide a foundation for that discussion, first we explain some key concepts and terms.
Economic Perspectives , Issue Q III , Pages 80-99

Journal Article
Central Clearing: Risks and Customer Protections
Ruffini, Ivana (2015-10)
In the wake of the 2008 global financial crisis, the Group of Twenty (G-20) developed a regulatory reform program for derivatives contracts. This article examines the impact of the market structure change and associated customer protection frameworks on risks faced by market participants.
Economic Perspectives , Issue Q IV , Pages 90-100