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Keywords:Over-the-counter markets 

Journal Article
Revised list of OTC marginable stocks and foreign margin stocks, effective August 14, 1995

Federal Reserve Bulletin , Issue Sep

Working Paper
The emergence and future of central counterparties

The authors explain why central counterparties (CCPs) emerged historically. With standardized contracts, it is optimal to insure counterparty risk by clearing those contracts through a CCP that uses novation and mutualization. As netting is not essential for these services, it does not explain why CCPs exist. In over-the-counter markets, as contracts are customized and not fungible, a CCP cannot fully guarantee contract performance. Still, a CCP can help: As bargaining leads to an inefficient allocation of default risk relative to the gains from customization, a transfer scheme is needed. A ...
Working Papers , Paper 10-30

Journal Article
Revised list of OTC margin stocks and foreign margin stocks, effective February 2, 1993

Federal Reserve Bulletin , Issue Mar

Journal Article
Revised list of OTC margin stocks and foreign margin stocks, effective November 8, 1993

Federal Reserve Bulletin , Issue Dec , Pages 1143

Journal Article
Revised list of OTC margin stocks and foreign margin stocks effective August 12, 1991

Federal Reserve Bulletin , Issue Sep

Journal Article
Revised list of OTC marginable stocks and foreign margin stocks, effective November 14, 1994

Federal Reserve Bulletin , Issue Dec

Journal Article
Revised OTC list, effective November 14, 1988

Federal Reserve Bulletin , Issue Dec , Pages 791

Journal Article
Revised list of over-the-counter stocks and foreign margin securities, effective November 12, 1996

Federal Reserve Bulletin , Issue Dec , Pages 1114

Report
An analysis of OTC interest rate derivatives transactions: implications for public reporting

This paper examines the over-the-counter (OTC) interest rate derivatives (IRD) market in order to inform the design of post-trade price reporting. Our analysis uses a novel transaction-level data set to examine trading activity, the composition of market participants, levels of product standardization, and market-making behavior. We find that trading activity in the IRD market is dispersed across a broad array of product types, currency denominations, and maturities, leading to more than 10,500 observed unique product combinations. While a select group of standard instruments trade with ...
Staff Reports , Paper 557

Journal Article
Reforming the over-the-counter derivatives market: what’s to be gained?

While derivative financial instruments have made the hedging and exchange of risk more efficient, the recent crisis showed that they also pose a substantial threat to financial stability in times of systemic turmoil. Underlying much of this threat is the lack of transparent reporting in the over-the-counter market for these instruments. This Commentary discusses the advantages of one solution to the transparency proble: moving the settlement or trading of derivatives to exchanges or clearinghouses.
Economic Commentary , Issue Jul

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