Over-the-counter derivatives regulation in Hong Kong and Singapore

• Main Author: CHEN, Christopher C. H.
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2017
• Subjects: Singapore; financial regulation; exchange trading; substituted compliance; centralised clearing; ccp; derivatives; Hong Kong; trade reporting; Asian Studies; Food and Drug Law; International Law
• Online Access: https://ink.library.smu.edu.sg/sol_research/1826; https://doi.org/10.1163/9789004343412
• Institution: Singapore Management University

This work examines and compares the regulation of over-the-counter derivatives in Hong Kong and Singapore, the two largest international financial centres in Asia Pacific. Dr Chen analyses current or proposed regulations on trade reporting, centralised clearing and mandatory exchange trading mandates regarding OTC derivatives against the backdrop of reforms of international financial regulatory structure after the global financial crisis. The article also relates the reforms in Asia to development in major Western markets such as the U.S., U.K. or European Union. Apart from technical comparison and dissecting of content of rules from different angles, this article also examines the rationale behind those reforms and policy concerns behind Asian adoption of the regulatory mandates prescribed by G20 as well as potential policy concerns (such as competition and extraterritoriality) in a market that is dominated by Western banks.