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Over-the-counter swaps – before and after reform
Now that the main elements of the new regulations can be described, let?s see how a simplified trade would be typically carried out by a fictional set of institutions both before and after the reform.3 First Bank is a large dealer bank that buys and sells securities and derivatives. High Yield (HY) is a mutual fund that has a large portfolio of junk bonds. HY wants to hedge against the risk of a downturn in the junk bond market.
Banking Policy Review: Did Dodd–Frank End ‘Too Big to Fail’?
Postcrisis bank reform was intended to end market perceptions that if a big bank fails, the government will have no choice but to bail it out. Ryan Johnston examines the evidence from recent studies.