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Evolution of the OTC Swaps Market

There was much pointing of fingers in the aftermath of the global crash of 2008, as politicians, economists, the media, and the financial industry itself scrambled to assign blame for what many consider the worst financial crisis since the Great Depression. One of the primary targets for criticism was the over-the-counter derivatives market, which was largely seen as the catalyst for the crash. In the U.S., the regulatory response was significant, as derivatives reform took a central role in the Dodd-Frank Act. Now, as those mandates come into play, the OTC swaps market is transforming in ways that may be hard to predict.

December 3, 2021

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