Evolutionary theories of Derivatives Regulation

摘要

The neoclassical economics regards derivatives as the necessary instrument providing not only liquidity or risk spreading, but enabling the existence of the perfectly competitive market, since without derivatives there is no possibility to meet one of the core require- ments of the General Equilibrium Theorem - the complete or contingent contract claim, according to which there should be the market for any possible state of affairs. On the level of law and economics the issue arises whether derivative law and massive stock and future exchange regulation leads to the zero transaction costs micro worlds and global market of markets. A drive toward dualism might be observed: regulated futures, stock and commodity exchange (with almost no litigation, due to technical regulations; deposits, clearing house, licenses, etc.) or sophisticated conventions (OTC market) are present on this market rather than typical contracts. The derivative OTC markets are regulated by soft law enforced in non-jurisdictional way. The paradox lies however in a fact, that derivatives work efficiently within a perfect competitive market structure, whose existence is conditioned upon the effective work of derivatives. The purpose of this re- search is to address the question whether the Coasean theory of regulation is correct and eventually how to explain the existence and growth of the OTC market for derivatives from the perspective of the transaction cost economics. The results of the survey could be implemented in preparation of the coherent normative theory of derivative regulation.