Regulation and Supervision of the OTC Derivatives Market

_x005F_x000D_ The over-the-counter (OTC) derivatives market drew the attention of regulators after the Global Financial Crisis due to the risk it poses to financial stability. Under the post-crisis regulatory reform the concentration of business, and risks, among a few major players is changed by the concentration of a large portion of transactions in the new market infrastructures, the Central Counterparties (CCPs). This book analyses the regulatory response of the UK, the largest centre of OTC derivatives transactions, and highlights its shortcomings. The book uses a normative risk-based approach to regulation as a methodological lens to analyse the UK regime of CCPs in the OTC derivatives market.