Self-regulation and operational controls: reflections on the oversight of exchange-traded derivatives

摘要

As capital and derivatives market structures have evolved into electronic, for-profit, demutualized, oftentimes listed companies in the United States and elsewhere, the self-regulating roles of markets, where it existed, has been called into question. This article suggests for debate a view -based on past US experience -that, properly overseen, the self-regulatory « obligation » has been critical to the accountability of markets for maintaining appropriate operational and financial controls and hence to market integrity and confidence. So, the author describes market evolutions, cash/ derivatives differences, self-regulatory functions required by US derivatives markets today, experience with self-regulation, current evaluative initiatives and enhancements to explore. JEL classification : G2, G28