{
  "title": "United States: Publication of Financial Sector Assessment Program Documentation: Technical Note on Regulatory Reform: OTC Derivatives",
  "publication": "IMF Staff Country Reports, July 30, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/united-states-publication-of-financial-sector-assessment-program-documentation-technical-24110",
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  "summary": "OTC derivatives markets were an increasing source of vulnerability heading into the crisis. OTC derivatives markets contributed to the financial crisis.",
  "publishDate": "2010-07-30",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Overview",
      "content": "- OTC derivatives markets were an increasing source of vulnerability heading into the crisis.\n- OTC derivatives markets contributed to the financial crisis.\n- Credit derivatives facilitated the development and growth of the structured securities markets; and the purchasing, packaging, and distribution of poorly underwritten loans and mortgages.\n- The proposed reforms will make major improvements to market trading liquidity and the price discovery process.\n- The reversal of the deregulation of OTC derivatives marks a major improvement in regulatory approach, and it closes an important gap in the regulatory framework."
    },
    {
      "heading": "Key findings",
      "content": "- OTC derivatives markets increased systemic vulnerability prior to the crisis.\n- Credit derivatives played a central role in enabling growth of structured securities markets tied to poorly underwritten loans and mortgages.\n- Reforms are expected to improve:\n  - market trading liquidity\n  - the price discovery process\n- Re-regulation of OTC derivatives constitutes a significant strengthening of the regulatory framework."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Reverse deregulatory gaps in OTC derivatives oversight to strengthen the regulatory framework.\n- Implement proposed reforms aimed at enhancing market liquidity and price discovery in OTC derivative markets.\n\n---\n\n Content in this bundle\n\n- cr10252\n  - cr10252 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr10252 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/united-states-publication-of-financial-sector-assessment-program-documentation-technical-24110"
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    "Published: July 30, 2010",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455206797.002",
    "OTC derivatives markets were an increasing source of vulnerability heading into the crisis.",
    "OTC derivatives markets contributed to the financial crisis.",
    "Credit derivatives facilitated the development and growth of the structured securities markets; and the purchasing, packaging, and distribution of poorly underwritten loans and mortgages.",
    "The proposed reforms will make major improvements to market trading liquidity and the price discovery process.",
    "The reversal of the deregulation of OTC derivatives marks a major improvement in regulatory approach, and it closes an important gap in the regulatory framework.",
    "OTC derivatives markets increased systemic vulnerability prior to the crisis.",
    "Credit derivatives played a central role in enabling growth of structured securities markets tied to poorly underwritten loans and mortgages.",
    "Reforms are expected to improve:",
    "Re-regulation of OTC derivatives constitutes a significant strengthening of the regulatory framework.",
    "Reverse deregulatory gaps in OTC derivatives oversight to strengthen the regulatory framework.",
    "Implement proposed reforms aimed at enhancing market liquidity and price discovery in OTC derivative markets.",
    "**_cr10252**"
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