Derivative Markets: The New Regulatory Paradigm - Product Image

Derivative Markets: The New Regulatory Paradigm

  • ID: 3635651
  • Book
  • Region: Global
  • Risk Books
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The financial crisis in 2008 that plunged the world into recession led to the announcement of a coordinated global wave of regulation that would fundamentally change derivative markets. After years of development and negotiations, as the rules finally take shape, and market players start responding to them, derivative practitioners need a guiding light to help them in the strategic rethink necessary to navigate the new landscape and understand the fundamental revamp that has left many existing principles and assumptions irrelevant. Derivative Markets: The New Regulatory Paradigm aims to do exactly that.

An excellently-timed reference on the post-crisis derivative markets, this book, featuring contributions from the world's leading derivatives experts, provides readers with a wide-ranging perspective of the financial landscape under the new regulatory paradigm. By means of a multi-faceted treatment across industries, geographies and themes, it provides both technical and commercial viewpoints. Its unique approach of combining 'micro' end-user perspectives with a 'macro' view of key systemic impacts will provide readers invaluable insights into the trends, developments, opportunities and risks of the new derivatives world.

Derivative Markets: The New Regulatory Paradigm covers the various aspects of regulation such as EMIR and Solvency II and the effects they will have on market structure, trends, growth, pricing and operations. It addresses both the technical and commercial considerations, and provides market participants with a detailed framework to help formulate their derivatives strategy.

Chapters cover:

- New regulatory frameworks for derivatives: From EMIR and Dodd-Frank to Basel III and Solvency II
- Impact on market participants: CCPs, Banks, Asset Managers et al
- Key Impact: Counterparty, Liquidity, Collateral, Pricing and Reporting
- What does the future hold?

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1. Introduction

Section 1: The new paradigm

2. The financial crisis and need for regulation
3. The new regulatory framework for derivatives: EMIR
4. The new regulatory framework for derivatives: Dodd-Frank
5. The new regulatory framework for derivatives: Basel III
6. The new regulatory framework for derivatives: Solvency II
7. The new regulatory framework for derivatives: Other regulations

Section 2: Impact on market participants

8. Impact on market participants: CCPs
9. Impact on market participants: Banks
10. Impact on market participants: Asset managers
11. Impact on market participants: Pension Funds
12. Impact on market participants: Hedge Funds
13. Impact on market participants: Insurance companies
14. Impact on market participants: Corporate Treasuries
15. Impact on market participants: Sovereigns
16. Impact on market participants: Other participants

Section 3: Key Considerations

17. Key Impact: Counterparty Risk
18. Key Impact: Collateral
19. Key Impact: Liquidity
20. Key Impact: Pricing
21. Key Impact: Reporting

Section 4: The future

22. The new regulatory paradigm: Taking Stock
23. The new regulatory paradigm: what does the future hold?
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Sumit Mehta is an Investments Manager at Legal and General Retirement (LGR), a team responsible for managing ~£50bn of annuities on Legal & General Group’s balance sheet. Sumit helps oversee all aspects of derivatives strategy, ranging from hedging programmes to investment opportunities arising from bank deleveraging. Further, his role involves looking at liquidity and collateral issues, considerations around clean and dirty CSAs, impact of EMIR and central clearing on the balance sheet, and quantifying, managing and efficiently hedging liquidity risks in times of market stress.

Prior to his current role, Sumit spent 8 years at RBS within its Fixed Income division, primarily working with European institutional clients on rates and credit derivative solutions and also running its award-winning Inflation Structuring desk.

Sumit holds an MBA from the Indian Institute of Management, Bangalore.
Simon Wilkinson is Global Head of Liability-driven Investments (LDI) at Legal & General Investment Management. Simon has two decades of experience across the sell-side and buy-side derivatives and fixed income markets. In his early career Simon was involved in the proprietary trading and market making of interest rate derivatives at several investment banks. During his career at Legal & General Investment Management Simon has seen the Liability Driven Investment business which he heads grow to be the UK’s largest. Simon now oversees the management of c.£90bn of fixed income assets and c.£200bn of derivatives. The heavy reliance of the LDI business on derivatives has led Simon to drive the firm’s response to derivatives market regulation.
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